Choo Kyung-ho: "Bold Paradigm Shift in Housing Policy... Additional Deregulation of Restricted Areas"

The 2nd Real Estate Ministers' Meeting

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is presiding over and speaking at the "2nd Real Estate Related Ministers' Meeting" at the Government Seoul Office Building on the 16th. (Photo by Ministry of Economy and Finance)

[Asia Economy Sejong=Reporter Son Seon-hee] Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said on the 16th, "Considering the changed market environment, we plan to accelerate the implementation of real estate normalization tasks, including the additional lifting of regulatory zones in areas with stable conditions."

Deputy Prime Minister Choo chaired the 2nd Real Estate Ministers' Meeting at the Government Seoul Office in the morning and commented on the real estate market trends, saying, "Major experts and research institutions also forecast a slight decline in the real estate market in the second half of the year." The government lifted the designation of speculative overheating zones in six cities, counties, and districts in Daegu, Daejeon, and Gyeongnam in June, and also lifted the designation of adjustment target areas in 11 cities, counties, and districts including the entire Daegu area except Suseong-gu, Gyeongsan in Gyeongbuk, and Yeosu in Jeonnam. Following Deputy Prime Minister Choo's announcement of 'additional lifting of regulatory zones' on this day, it is expected that additional lifting of speculative overheating zones and adjustment target areas will be announced soon.

The government announced a plan to realize national housing stability, centered on the core goal of supplying 2.7 million houses over five years. Deputy Prime Minister Choo defined this as a "bold paradigm shift in housing policy," emphasizing, "The policy focus has shifted from simple quantity securing centered on suppliers to providing high-quality living environments centered on demanders," and added, "We will promote comprehensive residential space innovation aimed at improving the quality of life for the public, housing stability, and the middle and lower-income classes." He also announced related institutional reforms, stating, "We will sequentially reform the unreasonable redevelopment and reconstruction systems that have been neglected for a long time to expand the housing supply base in urban areas."

Deputy Prime Minister Choo said, "We will establish an institutional foundation to expand opportunities for home ownership in preferred areas such as urban centers," and added, "We will introduce a new business model (private urban complex projects) that utilizes the expertise and creativity of the private sector to promote urban renewal projects."

He also said, "We will completely reform the new town development method," explaining, "In the future, new towns will be designated and developed on a small to medium scale in connection with pre-planned transportation networks such as GTX from the site selection stage. For previously announced sites such as the 3rd new town, we will improve residential environments including transportation and education, and create conditions for attracting businesses to establish self-sufficient environments." He added, "We will supply affordable sale housing at construction cost levels targeting first-time homebuyers near stations and young adults, and activate various housing supplies that reduce initial burdens such as land leasehold housing."

Regarding the recent flood-related casualties in semi-basement houses, he said, "We will promptly provide emergency support such as repairs and relocation to normal residences for flood-affected households," and added, "We will swiftly prepare fundamental improvement measures including risk area maintenance and expansion of disaster prevention facilities through a full survey of disaster-vulnerable houses."

Deputy Prime Minister Choo said, "We will implement detailed follow-up measures as quickly as possible so that the public can feel the new government's changed housing stability measures in their daily lives," and emphasized, "Collaboration with related local governments responsible for site discovery and permits in the actual housing supply process is most important, and if necessary, discussions and coordination will be conducted through the Real Estate Ministers' Meeting."

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