[2022 National Audit] Choo Kyung-ho "Loan and Tax Measures for Smooth Landing of Real Estate Market"

"Real Estate Downward Adjustment Inevitable... Rapid Cooling Must Be Avoided"

Deputy Prime Minister for Economy Choo Kyung-ho responding to lawmakers' questions during the comprehensive audit of the Planning and Finance Committee held at the National Assembly on the 21st. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] On the 21st, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho stated that measures regarding loans and taxation will be taken to ensure a soft landing of the real estate market.

Deputy Prime Minister Choo made this remark during the National Assembly's Planning and Finance Committee audit in response to a question from Bae Jun-young, a member of the People Power Party.

When Representative Bae asked, "Isn't there concern that the real estate market might crash?" Choo replied, "Since real estate prices have risen significantly, some degree of downward adjustment is inevitable. However, if the speed is too fast or the decline is too steep in a short period, side effects could be severe. Therefore, we will monitor market trends and gradually ease the regulations that have been strengthened to prevent a sudden freeze."

Choo explained, "Even if there is a downward stabilization, it is necessary to ensure a soft landing. Rather than uniformly deciding actions based on a certain percentage drop, we plan to comprehensively respond to various regulations, loans, regional adjustments, and tax issues while observing market trends."

He added, "The lifting of adjustment zones is being carried out sequentially, starting with areas excluding Seoul and the metropolitan area, and regions with fewer side effects. We will continue to respond to other regulations by monitoring the market."

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