Byeon Chang-heum "Apartments Can Become Speculative Targets"... Emphasizes Need for Supervisory Body

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 Jeon Mewon] Byun Changhoom, nominee for Minister of Land, Infrastructure and Transport, expressed the need for a supervisory organization to stabilize the real estate market.

On the 23rd, during a confirmation hearing at the National Assembly, Byun responded to a question from So Byung-hoon, a member of the Democratic Party of Korea, stating, "There should be a real estate supervisory investigation organization to protect real estate and accumulate real estate-related databases."

Byun said, "Our country has very favorable conditions where apartments can be a means of investment, and due to this investment nature, they can always become targets of speculation," adding, "The resulting damage to the public is too severe."

He said, "We must prevent side effects such as abnormal transactions in the real estate market that raise prices of other houses," and "To do this, an organization is needed to clearly understand real estate information and systematically analyze big data."

Earlier, the ruling party and government announced plans to establish the 'Real Estate Transaction Analysis Institute (hereafter Analysis Institute),' which can check individuals' loan and tax payment records. According to a bill proposed last month by Jin Sungjun, a member of the Democratic Party of Korea, the Analysis Institute is expected to have enormous authority, including the ability to receive and verify financial transaction information and credit information from financial companies.

However, there are many concerns in the market that the launch of the Analysis Institute could suppress actual transaction prices and cause market distortions such as infringement of personal information and property rights.

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