Kim Bu-gyeom "Real Estate Market Disruption... 'Yeongkkeul' Young Generation May Suffer Great Damage"

Prime Minister Kim Boo-kyum [Photo by Yonhap News]

[Sejong=Asia Economy Reporter Son Seon-hee] Prime Minister Kim Boo-kyum said on the 4th, "The real estate market is currently overheated, and if young people enter the disturbed market by 'Yeongkkeul' (investing by borrowing to the limit), they could suffer great damage." He warned by calling the current situation, where housing prices are soaring mainly in Seoul and the metropolitan area, a 'disturbed market.'

In an interview with a YTN radio program on the morning of the same day, Prime Minister Kim said, "We need to judge from a long-term trend," adding, "No price keeps rising endlessly, and prices always go through an adjustment period."

Recently, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki issued a public statement urging people to refrain from 'chasing purchases,' and Minister of Land, Infrastructure and Transport Noh Hyung-wook has repeatedly delivered messages that a 'housing price adjustment period will come.' However, there is criticism that the government, which has already failed to stabilize real estate prices, is only making verbal threats instead of implementing effective measures.

Regarding this, Prime Minister Kim said, "It is not normal for housing prices to keep rising," and added, "It would be good if people not only pointed out the government's policy failures but also understood these circumstances." He emphasized again, "While doing our best in terms of (real estate) supply itself, we will definitely take measures against market disturbances and price increases caused by false purchases followed by quick withdrawals," and "We will keep our promises regarding financial support for those who want to own their homes."

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