Also Emphasizing 'Deploying All Policy Capabilities Available to Stabilize the Real Estate Market,' Hong Nam-ki... Will Additional Measures Be Announced?

Review of Housing Supply and Demand Measures and Discussion of Future Plans at the Green Room Meeting on the 6th
Minister of Land, Infrastructure and Transport, Director of the Office for Government Policy Coordination, and Chief Presidential Secretary for Economic Affairs Attend

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki (right) chaired a green room meeting on the 6th at the Government Seoul Office in Gwanghwamun, Seoul, checking the progress of housing supply and demand measures and discussing future plans. The meeting was attended by Minister of Land, Infrastructure and Transport Byeon Chang-heum (left), Director of the Office for Government Policy Coordination Koo Yoon-chul, and Senior Secretary for Economic Affairs Lee Ho-seung.

[Sejong=Asia Economy Reporter Joo Sang-don] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, once again expressed the government's determination to stabilize the real estate market on the 6th. In his New Year's address, he identified real estate as a risk factor and stated, "We will deploy all policy capabilities from the beginning of the year (to stabilize the market)." This time, he emphasized close cooperation among related ministries.

On this day, Deputy Prime Minister Hong presided over the 'Related Ministers Meeting (Green Room Meeting)' at the Government Complex Seoul, reviewing the progress of housing supply and demand measures and discussing future plans. The meeting was attended by Byun Chang-heum, Minister of Land, Infrastructure and Transport; Koo Yun-cheol, Director of the Office for Government Policy Coordination; and Lee Ho-seung, Chief Presidential Secretary for Economic Affairs.

At the meeting, including Deputy Prime Minister Hong, the attendees agreed that related ministries would closely collaborate and deploy all available policy capabilities to stabilize the real estate market.

Earlier, on December 31 last year, Deputy Prime Minister Hong stated in his 'New Year's Greeting for the Year of the Ox (辛丑年)' that "we will manage real estate, household debt, trade issues, and population problems more carefully." Then, at the Ministry of Economy and Finance's New Year's ceremony on the 4th, he specifically pointed out real estate, saying, "Regarding the real estate market, we must exert all policy capabilities from the beginning of the year to ensure that market stabilization is achieved surely and definitely."

Deputy Prime Minister Hong's repeated emphasis on stabilizing the real estate market stems from concerns over strong housing prices and jeonse (long-term lease) prices at the beginning of the new year, following significant increases in both housing sale prices and jeonse prices in December last year. In December, nationwide housing sale prices rose by 0.90%. Annually, they increased by 5.36%, the highest rate in nine years since 2011 (6.14%). Apartment prices, in particular, jumped by 7.57%. Jeonse prices are also rising again. Nationwide jeonse prices recorded increases of 0.53%, 0.47%, and 0.66% from September to November last year, followed by 0.97% in December, marking the highest monthly increase of the year. Annually, jeonse prices rose by 4.61%, the largest increase in five years since 2015 (4.85%).

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