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Deputy Prime Minister Hong said in a briefing on a plan to expand housing supply in metropolitan areas this morning, saying, “We decided that it was necessary to pursue a special supply plan that exceeded market expectations.”
The government recently reviewed the housing supply plan to stabilize the market as apartment prices continued to rise and the jeonse crisis continued.
Deputy Prime Minister Hong said, “We have been striving to stabilize the housing market through expansion of the housing supply base in parallel with speculation restraint measures.” “The stability of the real estate market has not been firmly established due to various challenges such as market supply and demand uncertainty, market liquidity, and demographic change. I apologize for what I can’t do, and I think it hurts very much.”
As real estate market stabilization is a necessary task for economic and social housing welfare, income equity, work motivation, social stability, etc., special measures are needed to completely dispel concerns over housing supply and secure housing market stability. I decided to do it.
Deputy Prime Minister Hong said, “By 2025, a total of 830,000 houses will be supplied to the metropolitan area and five metropolitan cities through the establishment of a public-led fast-track system and securing additional new housing sites.” For this, we will quickly reorganize the laws and provide full support to public housing providers such as LH and SH, so that the time required for relocation will be reduced by half compared to the existing supply method.”
He added, “We will share the development profits generated in the housing supply process with the public not only to expand infrastructure, but also to protect tenants and small merchants who may be marginalized during the business process.”
The supply of 830,000 units of this measure is expected to help stabilize the housing market, which is about twice as much as the national housing supply per year, and 320,000 units of Seoul’s housing stock amount to 10%.
Deputy Prime Minister Hong said, “Because it may take some time to experience the sale and move-in, there is no possibility of temporary market instability. I will do it.” If additional measures are needed, the company plans to immediately announce the addition of prepared high-strength market stabilization measures.
They also requested trust in measures based on the will of the government and the active participation of public institutions in cooperation between local governments. Deputy Prime Minister Hong said, “We will strongly implement this measure to ensure that the housing market is stable and the people’s housing welfare is realized.” “Please believe in the government’s strong will to’provide enough housing that the market wants’, and be serious about judging and participating in the market situation.” He asked.