With "We Will Promote the Easing of Loan Regulations for Real Estate End-Users"

[Asia Economy Reporter Jeon Jinyoung] The Democratic Party of Korea announced on the 29th that it will implement a relaxation of loan regulations for real estate actual demanders.

[Image source=Yonhap News]

Hong Ik-pyo, the chairman of the Policy Committee, held a press briefing at the National Assembly on the same day and stated, “The Democratic Party will promote measures to expand the scope and targets of various benefits currently provided to long-term non-homeowners and first-time homebuyers, within the range that does not undermine the stability of the real estate market.”

Regarding the timing of implementation, Chairman Hong said, “To prevent speculation, we will finalize the decision after closely examining the effects of the real estate tax system scheduled to be implemented in June and the market trends.”

He expressed regret over the recent sharp rise in real estate prices despite various efforts to implement real estate policies, saying, “We feel sorry for the rapid increase in real estate prices despite our efforts with multiple measures. This decision was made in a situation seeking to restore stability.”

He added, “We will take measures that do not destabilize the real estate market or burden household debt exceeding 1,700 trillion won.”

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