Noh Hyung-wook: "Strengthening Policy Coordination Between Ministry of Land and Seoul City... Minimizing Market Instability"

Ministry of Land and Seoul City Hold Housing Policy Cooperation Meeting
No Hyung-wook "Seoul City Approaches Meticulously... Thanks to Mayor Oh"
"Establishing a Seamless Cooperation System Through the Meeting"

Minister of Land, Infrastructure and Transport Noh Hyung-wook is holding a joint briefing with related ministries on the Korea Land and Housing Corporation (LH) innovation plan at the Government Seoul Office in Jongno-gu, Seoul on the 7th. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Moon Jiwon] Minister of Land, Infrastructure and Transport Noh Hyung-wook and Seoul Mayor Oh Se-hoon met on the 9th to discuss ways to cooperate on housing policy. The two heads agreed to strengthen comprehensive policy coordination to stabilize the real estate market and expand housing supply.

According to the Ministry of Land, Infrastructure and Transport, Minister Noh and Mayor Oh held the "Ministry of Land-Seoul City Housing Policy Cooperation Enhancement Meeting" at the main building of the Government Seoul Office in the afternoon. This was the first official meeting where Minister Noh and Mayor Oh sat face-to-face to discuss policy cooperation measures.

Before the meeting, Minister Noh said in his remarks, "To resolve the current uncertainties in the housing market, high-level cooperation between the Ministry of Land and Seoul City, which share the greatest responsibility for the success or failure of housing policy, is required," adding, "Starting with today's meeting between the two heads, I am confident that strengthening comprehensive policy coordination will become a significant turning point in alleviating market anxiety."

The purpose of the meeting was to narrow the differences in opinions between Seoul City, which is promoting deregulation such as reconstruction, and the government, which is focusing on public development, and to find ways to cooperate. In fact, the industry has noted that policy competition with the Ministry of Land intensified after Seoul City announced the "Six Major Deregulation Measures for Redevelopment Activation" at the end of last month.

Minister Noh said, "Redevelopment and reconstruction are necessary means to expand housing supply, but if speculative demand is not blocked and excessive privatization of development gains is not prevented, it can cause market overheating and further reduce the chances for the younger generation to own homes," adding, "Seoul City shares the same understanding and has taken a delicate and flexible approach, such as proactively designating land transaction permission zones and prioritizing public interest when promoting redevelopment, which I highly appreciate."

In particular, Minister Noh expressed gratitude to the mayor, saying, "I would like to take this opportunity to thank the mayor," and added, "Considering the significant impact that reconstruction and redevelopment projects have on the housing market, I hope that both institutions will share their understanding of the market situation and take meticulous market stabilization measures."

He said, "To sufficiently supply affordable housing in good locations, close cooperation between the central government and local governments is necessary," and revealed a policy plan to share roles between the public and private sectors according to the characteristics of locations and residents' intentions. This is interpreted as a plan to discover locations with high resident support for public development and expand financial, fiscal, and tax support while gradually increasing the private sector's supply share.

Minister Noh also said, "Close cooperation between the central and local governments is necessary for housing welfare," and added, "It is an ideal housing welfare cooperation model for Seoul City to propose customized housing welfare programs such as long-term lease housing or coexistence housing, and for the central government to support these institutionally."

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