Land Minister: "Revitalizing Non-Apartment Supply... Will Lift Greenbelts If Necessary"

Minister of Land, Infrastructure and Transport Kim Yoon-deok stated on the 27th that measures to revitalize the supply of non-apartment housing and diversify corporate rental entities will be prepared soon.

He also said that the government is actively considering partially lifting development restriction zones, or greenbelts, if necessary to expand housing supply.

Attending a public grand debate on real estate policy presided over by Prime Minister Han Sung-sook at the Korea Chamber of Commerce and Industry that afternoon, Minister Kim gave this response to questions from attendees regarding supply measures.

"I completely agree with the need to revitalize non-apartment housing," Kim said, adding, "We are working to establish proper supply entities by revitalizing non-apartment supply and diversifying corporate rental providers."

"To this end, we are continuously discussing financial support measures with the Financial Services Commission, and a conclusion is expected soon," he added.

Regarding the lifting of greenbelts for housing supply, he noted, "In principle, I agree with the opinion to preserve greenbelts," but stated, "Since becoming Minister of Land, Infrastructure and Transport, I have been actively considering partially lifting greenbelts to supply housing if necessary."

In response to a young attendee's question about the government's goal for youth housing policy, he replied, "The ultimate goal is to help young people achieve housing stability and, based on that, build a stepping stone for housing."

"If we take bold measures regarding the non-apartment issue, there is a lot of room to create living spaces for single-person households and young people, so we are actively reviewing it," he emphasized, adding, "The starting point of real estate policy is young people and newlyweds."

Addressing criticism that the government is passive about private housing supply, he said, "That is not true at all."

"We recognize that problems arise if housing supply fails on the private sector side," he stressed, noting, "The Ministry of Land, Infrastructure and Transport has a clear stance on speeding up approval processes and supplying housing by converting knowledge industry centers or commercial buildings into homes."

However, regarding raising the floor area ratio for private redevelopment and reconstruction projects, he stated, "We are taking a cautious stance due to concerns that the demolition of existing housing during the maintenance project process could cause a supply vacuum and drive up housing prices."

Regarding the construction industry's demand for financial support, he said, "I deeply sympathize with the necessity of supporting housing construction finance from the supplier's perspective," while adding, "We are also pondering whether there might be other side effects."

"I strongly agree that we must resolve the construction finance issue in some form for new housing to actually be supplied," he said, adding, "We are in continuous consultations with the Financial Services Commission."
 
(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.