Land Minister Kim Yoon-deck: "Focus Heavily 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 actually be able to stabilize housing prices? We have Minister of Land, Infrastructure and Transport Kim Yoon-deck with us today to hear about the core goals and details. Welcome, Minister.

Q. Does this reflect the government's resolve to stabilize the jeonse and monthly rent market?

[Kim Yoon-deck / Minister of Land, Infrastructure and Transport: A significant portion of this measure was dedicated to jeonse and monthly rent policies. First, regarding the 3rd-generation new towns, we need to quickly begin construction to supply housing rapidly. Another priority is revitalizing general housing. As you know, non-apartment housing such as officetels and villas has only been built at about 20% of previous levels over the past few years, making the situation quite serious. Therefore, we plan to proceed with the supply of these non-apartment general homes in the short term.]

Q. Why is there a shortage of new land parcels in Seoul?

[Kim Yoon-deck / Minister of Land, Infrastructure and Transport: I don't think it's an easy issue. However, currently, Mayor Oh Se-hoon is somewhat opposed to lifting greenbelt restrictions, so we plan to continue consultations. It is not that we will lift greenbelts across all of Seoul; I believe that areas graded 1 and 2 with high conservation value must still be preserved. However, there are quite a few greenbelt areas that have been significantly damaged. Therefore, we think it would be better to allow housing supply in those damaged areas.]

Q. How much faster will the 3rd-generation new towns be developed?

[Kim Yoon-deck / Minister of Land, Infrastructure and Transport: The measures we have introduced this time involve parallel execution rather than sequential progression. By completely changing our work patterns so that processes can be conducted simultaneously, we can drastically shorten the timeline for the 3rd-generation new towns. For the volume originally scheduled for construction within the 2030s, we are bringing it forward to pull out about 47,000 more units, and if we pull forward about 40,000 units that were planned for construction outside the 2030s into the 2030s, considering the timeline within the 2030s, we can speed up and supply roughly over 80,000 units. That is the plan the Ministry of Land, Infrastructure and Transport holds.]

Q. Will the real estate market stabilize through this 'all-out supply effort'?

[Kim Yoon-deck / 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 crucial for the market, the government, local governments, all entities responsible for supply, and the public to trust one another and find a better direction through consultation. We will wage a pan-governmental all-out campaign, and combining elements that allow for a sense of speed will yield better results. That is the fundamental stance of our ministry.]
※ Please note: This article was translated by AI and may contain errors.