Ministry of Land Meets Housing Construction Industry, Hears Suggestions for Expanding Supply at Townhall Meeting

"Promoting Improvements That Make a Tangible Difference On-Site"

The Ministry of Land, Infrastructure and Transport announced that it held a townhall meeting with the housing construction industry at the Construction Hall in Gangnam-gu, Seoul on the 14th, and listened to the suggestions from the industry to expand housing supply.

The meeting was attended by more than 130 industry representatives, including those involved in redevelopment projects, public urban complex projects, and construction rental businesses, as well as professionals from each housing type such as apartments, non-apartment units, and officetels. Participants shared their opinions on various issues, including the conversion of non-residential properties to residential use, revitalizing new rental housing purchases, accelerating the permitting process, and improving financial systems and tax support.

Yoonduk Kim, Minister of Land, Infrastructure and Transport, is speaking at the housing construction industry town hall meeting held on the 14th at the Construction Hall in Gangnam-gu, Seoul. Ministry of Land, Infrastructure and Transport

The industry emphasized the need to speed up the local governments' permitting process to facilitate smooth housing supply. The reason cited was that, despite the significant monthly interest burden on project financing due to high interest rates, local government officials in charge of permits frequently delay schedules. There was also a request for government support to allow the conversion of knowledge industry centers, which are located in areas with good urban transportation and have subdivided unit structures, into residential facilities.

There was continued demand for easing financial regulations and tax policies related to housing supply. One suggestion was to abolish the current cap of KRW 600 million on relocation loans, as it is delaying the relocation of association members in small-scale redevelopment sites. There were also calls to ease loan regulations for home buyers to prevent consecutive overdue payments and defaults on balances in unsold housing complexes.

Other opinions included extending the temporary exclusion of newly built small homes from the calculation of total housing ownership until 2030, introducing long-term private rental housing for periods of 20 years or more, and adjusting the purchase price criteria for construction-type rental housing to better reflect market realities.

The Ministry of Land, Infrastructure and Transport stated that issues that can be immediately improved among those raised on site will be promptly reflected in policy, while matters requiring coordination with other ministries will be reviewed through follow-up discussions.

Minister Kim Yoonduk said, "Policies should be made together with on-site input and public participation," adding, "By developing housing construction policies together with the public, we will realize a 'housing policy worthy of a government that embodies popular sovereignty.'"

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