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尹 “Now is the golden time to normalize the housing market… Supplying housing where people want it.”

President Yoon Seok-yeol is giving a commemorative speech at the 79th Arbor Day commemoration event held at Myeongji Neighborhood Park in Gangseo-gu, Busan on the afternoon of the 5th. 2024.4.5

President Yoon Seok-yeol said on the 8th, “We will establish a fast-track system to collaborate by breaking down walls not only between government ministries but also with local governments so that we can quickly provide the housing that the people want in the places they want.”

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According to News 1, President Yoon presided over the ‘Urban Housing Supply Inspection Meeting’ at the Yongsan Presidential Office this afternoon. This meeting was prepared to examine the effectiveness of the government’s housing market stabilization policy and to discuss the progress of urban housing supply measures such as reconstruction and redevelopment and new villages announced through the public livelihood debate held in January and March.

In his opening remarks, President Yoon pointed out, “The explosive increase in the burden of housing costs has driven young people to the point of despair, causing young people to postpone marriage and newlyweds to give up having children, repeating an endless vicious cycle.”

President Yoon announced that the publicly announced price of apartment complexes has increased by 63% over the past five years of the government, and the increased property tax was eventually passed on to monthly rent, causing the rental price to soar by 17.6% from 2020 to 2021.

President Yoon emphasized that the normalization of real estate policy in the three major sectors of housing supply, taxation, and finance immediately after the inauguration of the government was aimed at correcting this.

Regarding the housing market, President Yoon said that while apartment prices in Seoul more than doubled from May 2017 to April 2022, they have fallen 14.1% since the launch of the current administration and are regaining stability.

Nevertheless, President Yoon said that the conditions for housing supply are not easy due to recent high interest rates and rising construction costs, and that there is a time lag in housing supply. “Now is the golden time for the housing market. The government must take active action to completely remove incorrect housing regulations and stimulate housing supply as much as possible.” “Time,” he emphasized.

President Yoon said, “In order to quickly provide the housing that the people want in the places they want, the speed of redevelopment and reconstruction will be increased, and the divide between government ministries will be resolved in order to quickly proceed with the Newville project to modernize aging single-family homes and villas. “Of course, we will break down barriers with local governments and establish a fast-track system to closely collaborate,” he said.

At this meeting, Minister of Land, Infrastructure and Transport Park Sang-woo reported on housing supply policies to ease the burden of housing costs. In the discussion that followed, President Yoon shared various opinions with experts in housing-related fields such as the housing market, taxation, finance, and urban development, as well as ministers from related ministries.

Reporter Kim Jeong-hyun photo provided by the Presidential Office

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