[Yoon Government Task] Early Supply of 2.5 Million Households... Does Not Include Abolition of Ministry of Gender Equality and Family

<Livelihood & Diplomacy>
Real Estate Measures as Key National Tasks
Reduction of Burden in Comprehensive Real Estate Tax and Capital Gains Tax
Addition of 'Rational' Phrase... Suggesting Adjustment

Abolition of Prosecutor General's Investigation Control and Amendment of the Corruption Investigation Office Act
Including Measures to Strengthen Prosecutorial Neutrality
Focus on North Korea Denuclearization in Inter-Korean Policy

[Asia Economy Reporters Kim Hyemin and Bu Aeri] The Yoon Suk-yeol administration's national agenda includes numerous real estate policy relaxation measures, taking lessons from the Moon Jae-in administration. It also contains judicial reform plans to strengthen the independence of the prosecution in response to the Moon administration's 'Geomsu Wanbak (complete abolition of prosecution's investigative authority)'. However, the controversial abolition of the Ministry of Gender Equality and Family was not included in the national agenda.

According to the new government's national agenda announced by the Presidential Transition Committee on the 3rd, the real estate sector was included as the second among the top 20 national tasks. The committee set the direction to "correct real estate policies from the perspective of the public," signaling differentiation from the Moon administration.

Specifically, a housing supply roadmap of "2.5 million households + α" will be established and expedited by year and region. To increase housing supply in urban areas, related systems such as the price ceiling on pre-sale, reconstruction charges, and safety inspections will be revised. However, by adding the term "reasonable," it suggests that some pledges may be adjusted considering the impact on the real estate market. The enactment of a special law for the first-generation new towns was also included in the national agenda. The lease law implemented under the Moon administration will be improved to minimize market confusion and consider tenant housing stability. Measures will be prepared to prevent a sharp increase in public burden due to this year's rise in official property prices, and the plan for the realization of official property prices will be re-examined.

Real estate taxation will also undergo significant revisions. First, from this year, to reduce the burden of comprehensive real estate tax (Comprehensive Real Estate Holding Tax), adjustments will be made to official property prices and the fair market value ratio, and payment deferrals will be introduced for elderly single-homeowners. Fundamentally, plans to reform the tax rate system and other aspects of the comprehensive real estate tax will be prepared. Regarding the mid- to long-term integration with property tax, the original pledge wording of "promotion" was changed to "review." The policy of imposing heavy capital gains tax on multiple homeowners will be re-examined, and acquisition tax will also be restructured to ease the heavy burden.

For housing loans, the maximum loan-to-value ratio (LTV) for first-time homebuyers will be relaxed from the current 60-70% to 80% as a priority. For non-first-time purchases, LTV relaxation will be pursued considering the housing market situation and the establishment of the debt service ratio (DSR) environment. The original pledges such as "uniform 70% regardless of region" and "relaxation to 30-40% for multiple homeowners" were left as examples, leaving room for revision.

The national agenda also includes plans to strengthen the political neutrality of the prosecution through criminal justice reform. Specifically, Article 8 of the Prosecutors' Office Act will be amended to abolish the Ministry of Justice Minister's specific case investigation directive authority over the Prosecutor General. Until the law is amended, the priority will be given to implementing "restrictions on the exercise of investigative directive authority." The authority to prepare and allocate the prosecution's budget will be transferred from the Ministry of Justice to the Supreme Prosecutors' Office. Additionally, a system will be established where the prosecution and police are each responsible for different stages of investigation, and Article 24 of the Corruption Investigation Office for High-ranking Officials Act will be abolished so that the prosecution and police can investigate corruption crimes together with the Corruption Investigation Office.

North Korea policy focuses on promoting denuclearization. Under close coordination between South Korea and the United States, denuclearization negotiations with North Korea will be pursued based on the principle of reciprocity. Security dialogue channels among South Korea, North Korea, and the United States will be institutionalized, and liaison offices among the three countries will be established in Panmunjom or Washington.

The absence of the pledge to abolish the Ministry of Gender Equality and Family suggests a focus on either maintaining or reorganizing it. Specific details are expected to emerge during the government organization restructuring process.

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