Will Regulation Area Designation Speed Up? Byeon Chang-heum "Building a System Using Big Data"

Minister of Land, Infrastructure and Transport nominee Byeon Chang-heum is attending the confirmation hearing held at the National Assembly on the 23rd, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Moon Jiwon] Byun Chang-heum, the nominee for Minister of Land, Infrastructure and Transport, expressed agreement with the concern that the government's speed in designating regulated areas is too slow to respond quickly to rising housing prices, and announced plans to establish a system utilizing big data.

On the 23rd, during his confirmation hearing at the National Assembly, Byun responded to Park Young-soon, a member of the Democratic Party of Korea, who pointed out, "Recently, 36 new adjustment target areas were designated, but regulations are being imposed after speculative real estate investors have already exited."

Byun explained, "The current system requires checking whether prices have risen for more than three months before designating a regulated area, which causes designations to be made too late, reducing their effectiveness."

He added, "Just like an early warning system operates in the stock market, we plan to build a system in real estate that analyzes big data statistics to accurately identify areas where prices are rising and impose appropriate regulations accordingly."

On the 17th, the government designated Uichang-gu in Changwon-si, Gyeongnam, as a speculative overheating district and grouped a total of 36 locations, including Busan and Daegu, as adjustment target areas. However, there have been many criticisms that the designation as regulated areas comes after speculative forces have already entered and prices have risen, due to the procedure requiring measurement of housing price increases over the previous three months.

In a written response submitted to the National Assembly prior to the confirmation hearing, Byun also explained, "The system for designating regulated areas such as adjustment target areas is too slow, limiting appropriate responses to speculative forces, so we will consider improving the system."

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