Hong Namki: "Maintaining Speculation Control and Housing Supply... Reviewing Lending and Tax Issues" (Comprehensive)

Signs of Instability in the Four Gangnam Districts
"Central Government and Seoul to Cooperate Proactively"
Accelerating Efforts to Root Out Speculators and Strengthen Penalties

[Image source=Yonhap News]

[Asia Economy, Reporter Jang Sehee] On May 6, Deputy Prime Minister and Minister of Economy and Finance Hong Namki stated, "We will review existing housing policies, lending regulations, and tax issues aimed at curbing speculative demand." In addition, he announced plans to examine measures to expand housing supply, such as the February 4 Policy, and to strengthen support for vulnerable housing groups.

At the 21st Real Estate Market Inspection Ministers' Meeting held at the Government Complex Seoul on the same day, Deputy Prime Minister Hong said, "We will strongly pursue both the suppression of real estate speculation and the expansion of housing supply as our main policy directions."

Quoting the phrase 'Mulgyeongsosa' (勿輕小事, meaning 'Do not take even small matters lightly'), he emphasized, "When it comes to real estate policy, the government will respond with this mindset and address issues with meticulous attention."

Regarding the recent Seoul apartment market, he said, "Although the rate of price increase, which had expanded for two consecutive weeks following the by-election, remained at the previous week's level in the fourth week of April, it is still higher than before the by-election." He added, "In particular, signs of instability persist in major complexes such as the four Gangnam districts, which are affected by reconstruction issues."

He continued, "In complexes with high expectations for reconstruction, price instability has persisted, partly due to a last-minute buying spree before the effectuation of new land transaction permit zones." He stressed, "Since the Seoul Metropolitan Government has also announced its intention to prioritize eradicating market-disrupting activities while adjusting the pace of redevelopment projects, the central government and the Seoul Metropolitan Government will work together more proactively on any necessary measures to stabilize the real estate market."

Regarding future supply plans, he explained, "The total number of housing units to be supplied this year, including private sales, public sales, and advance subscriptions, will reach approximately 500,000 units, which is the highest level ever." He added, "The number of units scheduled for occupancy this year is 460,000, similar to last year and the average year."

The government also announced that follow-up measures for the previously announced 'Measures to Eradicate and Prevent Recurrence of Real Estate Speculation' are proceeding without delay. He said, "Most of the relevant bills are expected to be submitted by May," and added, "Most administrative measures, such as amendments to subordinate regulations, are steadily progressing." He further emphasized, "We will push ahead without hesitation to fundamentally eliminate the chain of real estate corruption and to root out and toughen penalties for speculative forces."

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