Won Hee-ryong: "It's Better Not to Expect Even Short-Term Increases in House Prices"

Minister of Land, Infrastructure and Transport's 100 Days in Office
"Housing Stability is the Top Priority... Breaking the Housing Status Society"
"Detailed Plans on Reinstatement Tax and Safety Diagnosis Deregulation to be Announced Soon"

Won Hee-ryong, Minister of Land, Infrastructure and Transport

On the 23rd, marking 100 days since his inauguration, Won Hee-ryong, Minister of Land, Infrastructure and Transport, stated, "Housing prices have skyrocketed to an extent that is unbearable for the public in a short period, so I have been contemplating how to stabilize housing." He added that he will continue to prioritize the 'housing stability' of the people as the top task.

On the same day, Minister Won met with reporters at the Government Complex Sejong and said, "Rather than swaying the market with surprise policies, we will create a market environment that is predictable and functions normally under consistent principles and directions over the next five years."

Regarding the achievements of government policies so far, he self-assessed, "Considering the stabilization of the rental market and the downward trend in sales prices, I think we have done well." While acknowledging that "the economic condition of rising interest rates is currently playing a role in suppressing housing price increases," he also said, "We believe that we have achieved market stabilization through reforms such as the capital gains tax revision for multi-homeowners and the win-win landlord system."

Concerning recent market trends such as the real estate transaction freeze and the downward trend in sales prices, he predicted that these trends will continue. He said, "Currently, housing sales prices are generally declining, and considering the extent to which prices have risen in the past, I think the majority of the public still hopes for a continued downward stabilization."

He added, "If there is any hope for a short-term increase in housing prices, it is better not to have high expectations."

Minister Won said that going forward, he will focus on the implementation and concrete realization of the August 16 measures announced on the 16th. He stated, "We have presented the big picture of supplying 2.7 million housing units, and we will continue to disclose detailed plans and concrete implementation measures."

Regarding the reconstruction excess profit recovery system, which has attracted significant market interest, he said, "We will present specific adjustment plans in September." He added, "We will also review the standards for reconstruction safety inspections within the year after consultations with local governments." Additionally, he mentioned that youth housing support measures will be prepared and early subscription will be possible within the year.

Minister Won expressed concern, saying, "The dream of owning a home is becoming more distant, and the modern housing class society is becoming increasingly entrenched." He emphasized, "Young people are being pushed from urban centers to the outskirts, and the housing standards of the majority of the public are declining rather than improving over time. I believe that achieving housing stability and the dream of housing improvement for the people is the most important role that the state and public sector must fulfill."

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