Choi Jae-hyung: "Real Estate, Expanding Supply, Easing Regulations, and Reducing Tax Burden Are the Answers"

Choi Jae-hyung, a preliminary presidential candidate of the People Power Party, is attending an election strategy meeting held at the campaign office set up in a building in Yeouido, Seoul, on the 9th, delivering a greeting. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Kum Bo-ryeong] Choi Jae-hyung, former head of the Board of Audit and Inspection and a presidential candidate from the People Power Party, has presented real estate measures including supply expansion, deregulation, and tax burden reduction.

On the 10th, Choi stated on Facebook, "Real estate, supply expansion, deregulation, and tax burden reduction are the answers."

He first explained the importance of supply expansion. Choi said, "When housing is insufficient, even a slight increase in demand causes prices to soar. This is because it is difficult to increase housing supply in a short period." He added, "Former Minister of Land, Infrastructure and Transport Kim Hyun-mi once said that if houses were bread, she would bake them overnight, but that is not possible."

Choi continued, "The basic desire to live in good homes combined with abundant liquidity increases real estate demand. Since supply is insufficient, house prices naturally rise. The government should have quickly increased supply or at least promptly announced supply plans to stabilize sentiment," he criticized.

He also emphasized deregulation, stating that the problem solver should be the 'market,' not the public sector. Choi said, "We must abandon the idea that the public sector is the absolute good. The private sector in South Korea already has sufficient capability. Large, old apartment complexes in Seoul have already formed reconstruction associations, and much know-how has been accumulated. I believe that if strict regulations such as reconstruction safety inspections are eased, new apartments in Seoul can be supplied sufficiently in a short time."

Measures to reduce tax burdens were also included in the real estate policy. Choi said, "Capital gains tax rates should be lowered so that multi-homeowners can put their properties on the market, and policies are needed to ease the anxiety of our young people who want to own homes as soon as possible. At least, the holding and capital gains tax burdens on single-homeowners must be significantly eased. Reduction of acquisition tax is also urgent. We should consider recognizing holding tax as necessary expenses for capital gains tax, and the goal of aligning official land prices with market prices should be reconsidered from the beginning."

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