It was clear that the government, which had announced that it would come up with its 25th real estate countermeasure before the Lunar New Year holidays, had no intention of modifying the policy trajectory of the existing’tax bomb and supply’. Deputy Prime Minister Hong Nam-ki and Minister of Strategy and Finance stressed that “we will strictly implement policy packages such as tax reinforcement already prepared” at the “Real Estate Market Inspection Ministers’ Meeting” held for the first time this year. It is planning to implement the comprehensive real estate tax and capital gains tax as scheduled, and adhere to the’public’-oriented supply.
The government has announced that it will focus on public redevelopment and public reconstruction through measures to supply the 5·6 metropolitan area and the 8·4 Seoul area, announced last year. However, one after another it is revealed that the supply measures obsessed with the public did not help stabilize the market at all. This year, more than half of the apartments traded in the Gangnam area of Seoul (Gangnam, Seocho, Songpa-gu) recorded reported prices, and lastly, Dobong-gu, all 25 districts in Seoul, were ‘1 billion times’ based on an exclusive area of 84-90㎡. Entered. Nevertheless, since the government insists on public-oriented supply, which is difficult to expect to expand the supply of high-quality housing, while the private reconstruction is tightly bound by regulations, there is no way to get a house price.
It is fortunate that public redevelopment, which makes it easy to carry out projects, has succeeded in box office success because it can avoid the pre-sale price limit. However, in the case of public reconstruction, when the general pre-sale volume doubles due to the expansion of the floor area ratio as a result of consulting the’Public Fair Cost Integrated Support Center’, the amount of pre-sale and lease that the landlords must donate to the public increases by more than four times. It is difficult to expect active participation from reconstruction associations.
It is also painful that the easing of the transfer tax, which has been pointed out as a means to greatly increase supply in the short term, has been completely excluded. Most experts say that “the price of the house will be stabilized by increasing the number of sales until the excessive transfer tax rate is lowered to the point of avoiding trading.” If you ignore this and say, “I will focus on the supply of new housing” (deputy prime minister Hong), what would you do in the’blank period’ that will last more than two years until you move in?
In the new year, through the mouths of policy makers, there have been talks about the outline of the 25th real estate countermeasure, but it is unlikely that there will be much difference from the previous countermeasures that have mostly failed. If this is the case, I don’t know why they are going to come up with additional countermeasures. If there is no policy shift to the’pro-market’, it would be useless to put up a few more measures for house prices instead of 25.
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