Hong Ji-sun: "Decision on Extending Land Transaction Permits in Seoul and Gyeonggi Will Depend on Market Conditions"

Hong Ji-sun, nominee for Minister of Land, Infrastructure and Transport, stated that the decision on whether to extend the land transaction permit system—currently applied to all of Seoul and 12 regions in Gyeonggi Province until the end of this year—will be made after monitoring market conditions.

During a National Assembly confirmation hearing held today (the 16th), when asked by Representative Kim Jung-jae of the People Power Party about whether the designation of these areas as land transaction permit zones will be maintained beyond the end of the year, Nominee Hong responded that the decision will be made after closely analyzing market conditions and discussing the matter with relevant ministries.

In response to criticism that the designation of land transaction permit zones suppresses transactions and only drives up prices, she said, "There are also relatively positive roles. There are side effects where lifting regulations and removing land transaction restrictions in Seoul led to housing price increases. Since every policy has its advantages and disadvantages, we will examine the matter closely."

Previously, the government designated all of Seoul and 12 regions in Gyeonggi Province as land transaction permit zones through the October 15 measures last year.

The designation period announced by the government at the time runs until the end of this year.

In response to a question from Representative Kim Eun-hye of the People Power Party asking for her assessment of the current administration's real estate policy, Nominee Hong stated, "It has been less than a year and a half since the administration was launched. Housing policy does not show effects simply by implementing short-term measures; I believe it must be pursued steadily over the medium to long term."

She added, "Policies must be predictable. I believe that policy consistency allows effects to be sustained," and noted, "There is still a certain time lag between preparing supply measures and seeing the effects of those policies."

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.