Won Hee-ryong on Revising Official Land Price Realization Plan: "Will Conclude by December"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Min-young] On the 10th, Won Hee-ryong, Minister of Land, Infrastructure and Transport, said regarding the revision of the plan to realize the official land price, "We plan to reach a conclusion by December."

Minister Won stated this during the National Assembly Budget and Accounts Special Committee in response to a question from Lee Yong-ho of the People Power Party, saying, "While time is needed to review the fundamental framework, the standards to be applied on January 1 must be set according to the Official Land Price Act."

He explained, "Regarding the official land price, it should be applied based on the January 1 standard next year to the property tax in July and September, and the comprehensive real estate holding tax in November."

Regarding the plan to realize the official land price promoted by the Moon Jae-in administration, Minister Won criticized, "The 90% realization rate is an unrealistic goal that cannot be established considering price fluctuations," adding, "It is an excessive ideological approach that does not align with tax justice even before tax resistance."

The government held the '3rd Real Estate Related Ministers Meeting' on the same day to discuss the revised plan for realizing the official land price but failed to reach a conclusion and decided to announce it separately. The Ministry of Land, Infrastructure and Transport plans to announce this month after comprehensively reviewing additional supplements to the official land price realization plan and measures to ease the burden of holding tax, aside from the proposal to freeze at this year's level presented by the Korea Institute of Public Finance at the public hearing.

Regarding recent real estate price trends, he said, "The government is not targeting a specific price range," and added, "Given the current interest rates and the excessively risen prices so far, a clear trend of price decline is inevitable."

He further explained, "Because excessive transaction contraction and the wide gap between selling and buying offers prevent transactions from occurring, causing unintended damage, and because the supply conditions themselves are becoming excessively vulnerable, which burdens our entire economy and ordinary people, we will proactively implement policies to ease these issues without missing the timing."

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