At This Year's Final Real Estate Meeting, Hong Nam-ki Bowed His Head... "460,000 Housing Units to Be Supplied Next Year" (Comprehensive)

Chairing the 12th Real Estate Market Inspection Ministerial Meeting on the 22nd
Minister of Land, Infrastructure and Transport Kim Hyun-mi Absent

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is attending the "12th Real Estate Market Inspection Ministers' Meeting" held at the Government Seoul Office in Jongno-gu, Seoul on the 22nd. Photo by Kang Jin-hyung aymsdream@

[Sejong=Asia Economy Reporter Kim Hyunjung] Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki bowed his head regarding market confusion during the implementation of policies at the final real estate market inspection meeting of the year. He also announced plans to stabilize the market by supplying a total of 460,000 housing units next year.

At the 12th Real Estate Market Inspection Meeting held at the Government Seoul Office, Deputy Prime Minister Hong said, "Under this year's firm policy stance of 'suppressing speculative demand and protecting actual demand,' we have actively promoted supply measures and residential stability measures. However, I feel regretful and apologetic that market stability has not yet been established during the process of settling new systems."

The real estate market inspection meetings have been regularly held about twice a month by Deputy Prime Minister Hong since August. Officials from related ministries such as the Ministry of Land, Infrastructure and Transport have used the meetings to inspect the real estate market and discuss and announce related measures. Minister of Land, Infrastructure and Transport Kim Hyun-mi did not attend this final meeting of the year.

Deputy Prime Minister Hong emphasized that the policies promoted this year will be fully implemented from next year, stating, "We will do our utmost to ensure that the results of stabilizing the real estate market appear early through market situation monitoring, steady implementation of already announced supply measures, demand management, and continuous blocking of disruptive activities."

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks at the '12th Real Estate Market Inspection Ministers' Meeting' held on the 22nd at the Government Seoul Office in Jongno-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

Next year's housing supply was presented as a total of 460,000 units, including 36,000 units from the November 19 supply measures (excluding 39,000 units utilizing vacant rental housing). Based on apartments, there will be 188,000 units in the metropolitan area and 41,000 units in Seoul, totaling 319,000 units. Deputy Prime Minister Hong explained, "If implemented without delay, this will exceed the national 10-year average (457,000 units), so we expect it to help stabilize the market."

He also promised steady progress in expanding mid- to long-term supply capacity. He said, "We will promptly complete preliminary procedures such as establishing wide-area transportation measures for new housing sites and donation in kind," adding, "Especially for Taereung, we will complete district designation and prepare government proposals for wide-area transportation measures by the first half of the year." Furthermore, he stated, "We plan to support public redevelopment and other maintenance projects by promptly designating project sites so that the establishment of associations and selection of construction companies can proceed in earnest," and added, "We will revise incentive systems such as tax benefits for construction rental housing targeting the middle class in the first half of next year." The selection of candidates for public redevelopment, originally scheduled for announcement at the end of this month, has been postponed to January next year, with plans to select candidates for new and released zones by March next year. For public reconstruction, lead project sites will be selected by June next year.

Additionally, he announced plans to prepare advanced household debt management measures in the first quarter of next year. He explained, "We will continuously inspect to ensure that the already announced measures for managing high-value and high-income credit loans are implemented without disruption in the field," and added, "We will carefully manage liquidity in the household sector by preparing 'advanced household debt management measures' based on repayment ability in the first quarter."

This content was produced with the assistance of AI translation services.