Outgoing Minister of Land, No Hyung-guk: "Housing Market Stabilization at a Critical Point... Very Fortunate"

Minister of Land, Infrastructure and Transport Noh Hyung-wook is attending the Cabinet meeting held at the Government Seoul Office in Jongno-gu, Seoul on the morning of March 22./Photo by Kim Hyun-min kimhyun81@

No Hyung-wook, Minister of Land, Infrastructure and Transport, upon stepping down after serving for about a year, said, "It is very fortunate that the housing market has entered a phase of stabilization."

At the farewell ceremony held on the 13th at the main auditorium of the Ministry of Land, Infrastructure and Transport building in Sejong City, Minister No stated in his farewell address, "By preparing a plan to supply 2.05 million housing units, we have laid the foundation to stabilize housing supply and demand in the mid to long term."

He recalled that at the time of his inauguration, "The housing market was unstable as if trapped in a seemingly endless tunnel, and public trust had plummeted to the bottom due to suspicions of real estate speculation," indicating that the housing market conditions were unfavorable.

He added, "By actively responding to changes in macroeconomic conditions such as interest rate hikes and consistently pursuing the best policy mix including continuous supply expansion and household debt management, it is very fortunate that the housing market has entered a phase of stabilization."

Along with housing market stabilization, Minister No evaluated, "The establishment last month of the country's first special local government, the 'BooUlGyeong Special Union,' was also a significant achievement." He also added, "We have drawn a long-term blueprint for systematic transportation infrastructure development, including the 4th National Railroad Network Plan, the 2nd National Road Network Plan, and the 6th Airport Development Plan."

Furthermore, as a 'senior public official,' Minister No urged Ministry of Land, Infrastructure and Transport employees to adopt a macro perspective and rich imagination.

He emphasized, "Besides housing policy, most policies of the Ministry of Land, Infrastructure and Transport are linked with policies beyond the Ministry's jurisdiction. By thinking beyond individual department positions and considering solutions from a broader perspective, we can more accurately approach the essence of problems and derive more effective measures." He then urged, "Please contemplate and realize policies with rich imagination that transcends existing notions and habits."

Meanwhile, Minister No took office as the third Minister of Land, Infrastructure and Transport under the Moon Jae-in administration on May 14 of last year.

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