Hong Nam-ki Deputy Prime Minister of Economy and Minister of Strategy and Finance. yunhap news
“The amount of supply measures this time is at the level of’supply shock’. I am confident that it will lead to a solid stability in the housing market.”
On the 4th, Deputy Prime Minister of Economic Affairs and Minister of Strategy and Finance Hong Nam-ki said in a joint briefing with related ministries on ‘3080 plus in the public sector, a plan to dramatically expand housing supply in metropolitan areas’. And the 320,000 units to be supplied to Seoul account for 10% of the housing stock in Seoul,” he said.
The average annual housing occupancy for the past 10 years (2010-2019) was 457,000 units nationwide and 69,000 units in Seoul.
Deputy Prime Minister Hong said, “The core content of this plan to expand housing supply is to supply a total of 830,000 houses by 2025, centering on the metropolitan area and five metropolitan cities through the provision of a public-led fast track system and securing additional new housing sites.”
He said, “For the new supply system, we quickly reorganized laws and regulations, and fully supported public housing providers such as LH and SH, so that the time required for relocation was reduced to half the amount of time required for relocation (eg, 10 years or more of reconstruction → less than 5 years). It will be shortened to.” “The development profits generated in the housing supply process will be utilized not only to expand infrastructure, but also to protect tenants and small merchants who may be marginalized during the business process so that they can be shared with the public.”
Seoul as seen from Namsan is full of apartments. yunhap news
In addition, “As it may take some time for the people to experience the pre-sale and move-in, there will be no potential for temporary market instability after the announcement of the countermeasures.” “For areas with signs of market instability, land transaction permission zones “We plan to preemptively prevent speculative transactions, such as designating it as”. He added, “If additional measures are needed, we will add prepared high-strength market stabilization measures and announce them immediately.”
Deputy Prime Minister Hong said, “The government has been striving to stabilize the housing market by expanding the base of housing supply such as the creation of a third new city, discovery of new housing sites in the metropolitan area, and pre-generation measures in parallel with speculation suppression measures in terms of tax and loan. Despite the efforts, I regret that the real estate market has not been settled reliably due to various challenges such as market supply and demand uncertainty, market liquidity, and demographic changes, and I am very sad.”
He emphasized, “The stability of the real estate market is not only important in terms of the stability of the asset market, but it is also the top priority that must be achieved for housing welfare, income equality, work motivation, and social stability of our economy and society.” “Therefore, the government decided that it was necessary to pursue a special supply plan that exceeded the market’s expectations in order to completely dispel the concerns over the housing supply and to ensure the stability of the housing market.” Explained.
Deputy Prime Minister Hong said, “Based on the determined will of the government, close cooperation with local governments, and active participation of public institutions, we will strongly implement this measure to ensure that the housing market stabilization and national housing welfare are realized.” “We ask the people to believe in the strong will of the government to provide sufficient supply of money,” he said.
Sejong = Reporter Woo Sang-kyu [email protected]
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