"Abolition of Heavy Acquisition Tax for Multiple Homeowners"... Korea Housing Association Delivers Housing Policy Proposal to Democratic Party

Three Core Principles and Thirty Policy Tasks Presented
Discussions Include Tax Support for Unsold Homes

The Korea Housing Association has presented policy directions to the Democratic Party of Korea aimed at achieving residential stability and resolving polarization in the housing market.

The Korea Housing Association announced on May 9 that it held a housing policy proposal meeting with the Democratic Party of Korea at the National Assembly Members' Office Building on May 8.

Jae-sik Kim (left), Executive Vice President of the Korea Housing Association, and Jin-seok Moon, member of the Democratic Party of Korea, are holding up the agreement at the National Assembly Members' Office Building in Yeouido, Seoul, on the 8th. Provided by the Korea Housing Association.

The purpose of this meeting was to seek solutions to address the polarization between the metropolitan area and the provinces in the housing market, to respond to liquidity issues in the construction industry, and to promote the supply of future-oriented housing.

The association proposed three main principles for the new government's housing policy: implementing market-friendly and sustainable policies; creating conditions that enable smooth housing supply in locations desired by the public; and promoting the supply of future-oriented housing such as modular housing and senior housing. In addition, the association delivered a policy proposal document to Jin-seok Moon of the Democratic Party of Korea, which included ten key tasks and thirty policy tasks for each housing sector.

The association and Representative Moon signed a policy agreement, pledging to work closely together to address major issues such as resolving polarization in the housing market, overcoming the liquidity crisis in the housing and construction industries and improving unreasonable housing-related regulations, and promoting the supply of future-oriented housing.

Furthermore, the meeting focused on discussing regulatory improvement measures, including the abolition of the heavy acquisition tax for owners of multiple homes, tax support for unsold homes in provincial areas, simplification of redevelopment procedures, and a 50% reduction in acquisition tax.

Jae-sik Kim, Executive Vice President of the Korea Housing Association, stated, "This meeting and the signing of the policy agreement mark the starting point of practical cooperation for residential stability and normalization of the housing market for the public," and added, "We will continue to communicate closely with the National Assembly and do our utmost to realize housing policies that the public can truly feel."

Representative Moon emphasized, "Housing is the most fundamental foundation of life for the people, and the housing industry is a core part of the national economy," and added, "With this policy agreement as a starting point, we will actively develop and support policies to improve residential welfare and normalize the housing market."

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