“Real estate prices, position is firm that they are abnormally high”
“Water boils at a difference of 1℃… Please understand the profound meaning of Gangnam District 3 and Yongsan”
Land, Infrastructure and Transport Minister Won Hee-ryong said, “The price of real estate is abnormally high and our position is firm that it is not at a level we can afford.”
To the point that the speed and intensity of government real estate deregulation has changed in a short period of time, he rebutted, saying, “If policy goals and objectives move quickly, we must move quickly too.”
It is explained that the easing measures are intended to prevent a hard landing in which property prices fall quickly and sharply.
This was revealed on the 4th, in a meeting with journalists from the Ministry of Land, Infrastructure and Transport, by Minister Won, underlining that “regulations are loosening up, so it’s not like buying a house right away or borrowing money to buy a house”.
He said, “Additional loans beyond one’s income and repayment capacity are subject to stringent regulations such as the Total Debt Repayment Regulation (DSR),” he said.
He also revealed the position that real estate prices should move at the level of the “most alpha (α) economic growth rate”.
Minister Won said, “House prices related to income and economic growth rate are necessary for people’s macroeconomics and future planning.”
He also announced plans to consistently secure the foundation for housing supply.
Minister Won said, “The reason there was a buying frenzy was not only the price, but the supply itself was also unstable.” He added: “In addition to a predictable procurement plan, we have proposed not only a predictable procurement plan, but also support for the public housing loan, a price equal to 70% of the market price, and specific areas, we will give the possibility to establish a timetable for the increase of houses or housing.
He also said, “In times like this, you need to hurry and put out the wood fire that fuels fear-buying demand,” and “water boils at a difference of 1°C.”
Regarding the possibility of revoking the green belt in the metropolitan area, he drew a line by saying, “In principle, it should be considered non-existent.”
In a CBS radio interview the same day, Minister Won said, “I want people to know that there is profound meaning in leaving the 4 districts to the end” about the possibility of lifting further regulatory areas for the 3 districts of Gangnam and Yongsan.
Previously, inside and outside the government, before the housing policy deliberation committee of the ministry of land, infrastructure and transport held a meeting on the 2nd to deliberate and decide on the removal of the regulated area, the ” conclusion” that all but Gangnam 3 -gu and Yongsan were removed from the restricted area leaked by the media, causing controversy
Minister Won said, “There is a difference between before and after the implementation of the policy, but there is a problem of when to draw the line.” There is a complaint from the political authorities, so we have no choice but to ask for their understanding.”
Regarding countermeasures against charter fraud, he said: “We will create a device that filters out the possibility of insurance fraud by tenants, landlords and agencies, and we will strengthen the pre-screening function when applying for a guarantee.”
Amid the waning of the secure freight rate system, which caused two strikes by the cargo union last year, Minister Won announced he would come up with a supplementary plan later this month.
Minister Won said, “The logistics industry development council was held for the fourth time and it will be finished if we hold discussions until the eighth meeting.”
He also stressed the need to issue a special law for underground railways.
Minister Won said, “Because different ministries are regulated when underground railways, a special law that can solve this problem in one package is badly needed.”
/yunhap news
