Land Minister Kim Yun-deok: 'Heavy Focus on Jeonse and Monthly Rent Measures... Accelerating 3rd-Gen New Towns'

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This is the third supply measure introduced under the current administration. Will it finally be able to stabilize housing prices? We have Minister of Land, Infrastructure and Transport Kim Yun-deok with us to discuss the core goals and details. Welcome, Minister.

Q. Reflects the Government's Determination to Stabilize the Jeonse and Monthly Rent Markets?

[Kim Yun-deok / Minister of Land, Infrastructure and Transport: A very significant portion of this measure was heavily allocated to jeonse and monthly rent countermeasures. First, regarding the 3rd-generation new towns, we need to quickly rush their construction starts to supply housing rapidly. Another priority is to revitalize general housing. As you well know, non-apartment housing such as officetels and villas has been built at only about 20 percent of past levels over the past few years, which is quite a serious situation. Therefore, we need to proceed with short-term supply for these non-apartment general housing units.]

Q. Why the Shortage of New Land Sites in Seoul?

[Kim Yun-deok / Minister of Land, Infrastructure and Transport: I think it is by no means an easy issue. However, Mayor Oh Se-hoon is currently somewhat opposed to lifting greenbelt restrictions, so we plan to continue consultations. We are not saying we will lift all greenbelts within Seoul; we believe that Grade 1 and Grade 2 areas with high conservation value must still be preserved. That said, there are quite a few areas where the greenbelt has been considerably damaged. Therefore, we think it would be appropriate to allow housing supplies in those damaged areas.]

Q. How Much Faster Will 3rd-Gen New Towns Be?

[Kim Yun-deok / Minister of Land, Infrastructure and Transport: The measures we have presented this time involve simultaneous progression rather than sequential steps. By completely changing our working pattern so that steps can be carried out concurrently, we can drastically reduce the timeline for the 3rd-generation new towns. For housing volumes originally scheduled for construction starts within 2030, we are pulling them forward by about 47,000 units, and if we pull forward units previously planned for construction only after 2030 to within 2030, we can accelerate the supply of roughly 80-odd thousand units considering the timeframe up to 2030. That is the plan the Ministry of Land, Infrastructure and Transport has.]

Q. Will the 'All-Out Supply Offensive' Stabilize the Real Estate Market?

[Kim Yun-deok / Minister of Land, Infrastructure and Transport: Regarding the debate over whether no government can beat the market or whether the government can beat the market, I rather think it is very important for the market, the government, local governments, everyone in charge of supply, and the public to trust each other and find a better direction through consultation. By launching a pan-governmental all-out offensive and combining measures that can be executed with a sense of speed, our fundamental stance at the Ministry of Land is that we can yield better results.]
※ Please note: This article was translated by AI and may contain errors.