Kim Jin-pyo "Supply measures 1-2 times a month & interest rate hike expected... Housing prices will stabilize"

Kim Jin-pyo, Chairman of the Real Estate Special Committee of the Democratic Party of Korea, is leaving the press conference room after announcing additional supply measures to stabilize the housing market at the National Assembly Communication Office on the 10th, while talking with Representative Park Jung and others. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Cheol-eung] Kim Jin-pyo, chairman of the Real Estate Special Committee of the Democratic Party of Korea, stated that "we will announce supply measures once or twice a month" going forward.

On the 22nd, Kim appeared on YTN Radio and said, "The most important variable in stabilizing housing prices is supply," adding, "There is a plan to supply 2.04 million housing units, but since the market does not fully trust this, we have also introduced systems like the ‘Anyone House’ program, where tenants can live by renting with only 6% to 20% of the house price and later purchase the property."

He continued, "We will consistently announce supply measures once or twice a month to build trust." He also noted that expectations of interest rate hikes would affect housing price stability. Kim said, "The biggest factor affecting housing prices is whether interest rates rise. Given various economic conditions, institutions such as the Bank of Korea and the Korea Institute of Finance have mentioned the possibility of interest rate increases starting in the second half of the year." He added, "I believe housing price stabilization will be achieved through this."

He did not hide that the recent decision to ease the comprehensive real estate tax also contains political reasons. Kim said, "In the April 7 by-election, our party lost in Seoul by 890,000 votes," adding, "The main reason is generally considered to be the worsening public sentiment on real estate. This can be divided into two: the failure to stabilize housing prices and the excessive increase of all taxes such as capital gains tax, property tax, comprehensive real estate tax, registration tax, and acquisition tax to suppress speculation, which caused many complaints."

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