“Designation of a land transaction permission zone in a sign of market instability…additional measures if necessary”
Deputy Prime Minister Hong Nam-ki and Minister of Strategy and Finance assessed the real estate supply measures proposed by the government on the 4th as “the level of supply shock,” convinced of the stability of the housing market.
Deputy Prime Minister Hong said this at a briefing on plans to expand housing supply in metropolitan areas held at the government office in Seoul.
He said, “The (total) supply of this measure is 830,000 units, which is about twice the annual national housing supply, and the 320,000 units to be supplied to Seoul are at the level of a’supply shock’ that amounts to 10% of Seoul’s housing stock. “I am confident that the housing market will enter a solid stabilization trend with the level of supply expansion.”
He said, “However, since it may take some time to sell or move in, there is no possibility of temporary market instability after the announcement of the measures,” he said. “The areas with signs of anxiety are designated as land transaction permission zones. “I plan to prevent it as an enemy.”
In addition, he added, “If necessary, we will immediately announce by adding prepared high-strength market stabilization measures.”
Deputy Prime Minister Hong said, “The government will ensure that the housing market is stabilized and people’s housing welfare are realized.” I ask for it.”
On this day, the government announced the’Public-led 3080 Plus, a plan to expand the supply of housing in metropolitan areas’, which included the provision of a total of 830,000 houses by 2025 centering on the metropolitan area and five metropolitan cities.
It also contains the content of reducing the time required to relocate to half compared to the existing supply method by quickly revising the laws for the new supply system (e.g., 10 years or more → 5 years or less).
/yunhap news
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