Minister Noh Hyung-wook: "We will expand medium-sized units in the Newlywed Hope Town"

The Ministry of Land, Infrastructure and Transport posted a video of Minister Noh Hyung-wook's appearance on 'Guktoque' on its YouTube channel on the 19th. The photo shows Minister Noh Hyung-wook (left) speaking about the real estate market situation and future policy directions. [Image source=Yonhap News]

Minister of Land, Infrastructure and Transport Noh Hyun-wook expressed his intention to expand the supply of medium-sized housing units in the Newlywed Hope Town.

On the 19th, Minister Noh appeared on the Ministry of Land's YouTube channel 'Ontong' and responded to a newlywed couple's comment that "the area of the Newlywed Hope Town is too small" by saying, "I agree with the sentiment."

He said, "The Newlywed Hope Town is great in terms of proximity to work and specialized childcare facilities, but I am aware of the criticism that the units are too small. We have mainly supplied small-sized units to provide as many newlywed couples as possible with the opportunity to own a home."

Minister Noh explained, "For Newlywed Hope Town projects planned from next year onward, we will try to reduce the supply of small units under 59㎡ and expand the supply of medium-sized units over 60㎡, which are more preferred."

He added, "Since public rental housing must be supplied within the national housing size limit (under 85㎡), the Korea Land and Housing Corporation (LH) will increase the supply of units sized between 59㎡ and 84㎡ for houses it directly provides."

Minister Noh also stated, "Considering the improvement of the national housing standard, the proportion of medium-sized houses supplied in general public sales in the 3rd phase new towns will be increased from the current 15% to 30%."

He predicted that housing prices will also stabilize. Minister Noh said, "I believe housing prices have entered a stabilization phase. Since both macroeconomic conditions and supply conditions are showing stable indicators for the time being, I do not recommend rushing to purchase a home."

Regarding the increasing number of jeonse (long-term deposit lease) fraud cases, he said, "We will institutionalize the disclosure of information about bad landlords who habitually fail to return deposits."

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