Byeon Chang-heum "Supply Measures Designed to Prevent Excessive Development Gains"

Minister of Land, Infrastructure and Transport Byeon Chang-heum is attending and speaking at the Land, Infrastructure and Transport Committee plenary meeting held at the National Assembly on the 3rd. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kim Hyemin] On the 4th, Byeon Changheum, Minister of Land, Infrastructure and Transport, said regarding the housing supply measures to be announced, "It will include methods to supply affordable housing without excessive development profits."

Minister Byeon made this statement on the 3rd while attending the full meeting of the National Assembly Land, Infrastructure and Transport Committee.

Regarding the government and ruling party's declaration of "supply measures beyond expectations," he said, "Although scale is an issue, contrary to the common perception that there is no more vacant land (land without buildings) or land for development in Seoul, sufficient housing supply is possible if the land is well utilized."

In response to Justice Party lawmaker Shim Sangjeong's criticism that this was a capitulation to vested interests who bring up supply arguments when housing prices soar, Minister Byeon emphasized, "There are definitely people who genuinely need housing," adding, "Especially in Seoul, if a model can be created to supply housing without excessive development profits in any way, it is possible to use market principles well to preserve public interest and supply affordable housing."

He also refuted the criticism that public sale housing was perceived as a 'lottery' and fueled housing price increases. Minister Byeon said, "Public sale housing accounts for only 2% of the total. Since the supply was not large, it is difficult to say that prices rose because of it," adding, "Rather, because it was limited, the cause of housing price increases was people trying excessively to buy houses."

Regarding the concern raised by Democratic Party lawmaker Jin Seongjun that supply measures to curb housing prices could instead trigger a surge in Seoul's housing prices, Minister Byeon said, "Various measures are being prepared."

He added, "To reduce investment or speculation based on expected returns, we are designing systems to prevent excessive profits, and are considering measures such as not granting pre-sale rights to late investors or excluding areas with severe speculation."

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