New land minister vows to supply over 2.5 million new homes to stabilize housing market

Land Minister Won Hee-ryong, center, enters the Government Complex Sejong to participate in an inauguration ceremony, May 16. Yonhap

New Korean Land Minister Won Hee-ryong vowed Monday to soon announce a detailed roadmap for providing more than 2.5 million new homes with a focus on increasing supply in metropolitan areas to stabilize the housing market.

"Over the past five years, housing prices have skyrocketed, and the gap in assets of households has widened. Real estate has now become a social status. I will abolish this modern-time status system by stabilizing the market for middle-class, ordinary people," Won said in his inauguration speech.

The ministry will announce supply plans within the first 100 days of the launch of the new government. The plans will detail the number of homes by region and type along with a timeframe, as well as ways to provide them in a swift manner, according to the minister.

The focus will be on how to extend supplies in the high-demand, metropolitan areas, and "exceptional" financial and other supportive measures will follow to help young people own their own homes, he added.

The government of President Yoon Suk-yeol, who took office last week, has vowed to drastically reform real estate policies, and key pledges include the construction of more than 2.5 million new homes nationwide during his five-year term and easing taxes imposed on multiple home-owners to persuade them to sell their property.

Won also vowed to push for housing reconstruction and redevelopment projects in line with market principles, and relax financial and other regulations in the real estate market.

Home prices have soared over the past several years despite multiple measures, such as tax hikes and tighter lending rules, to rein in prices. Critics say the previous administration only pursued demand constraints, and punitive taxes and other market-unfriendly measures that disturbed the market.

The ceremony was broadcast live via Youtube, during which the new minister had a Q&A session in an effort to better communicate with the people, according to his office. (Yonhap)

Site Map E-paper Subscribe Register LogIn
Site Map E-paper Subscribe Register LogIn