Land Minister: "Private Sector's Role Vital for 80% of Capital Area Housing Supply... Full Support"

Minister of Land, Infrastructure and Transport Hong Ji-sun stated, "This is a time when the role of the private sector, which has accounted for more than 80 percent of housing supply in the capital area, is more important than ever," adding, "We will spare no support needed on the ground."

Minister Hong made the remarks during a meeting with representatives from the housing construction industry, including the Korea Housing Association, the Korea Housing Builders Association, and the Korea Association of Property Developers, held this morning (November 6) at the National Architecture and Urbanism Exhibition Hall in Seoul.

"To achieve the largest-ever supply target of commencing construction on more than 1.5 million homes in the capital area over the next five years, we will communicate more actively with the industry," Minister Hong said.

During the meeting, field difficulties hindering the expansion of housing supply and measures for institutional improvement were discussed.

The Ministry of Land, Infrastructure and Transport decided to promptly reflect matters that allow for swift improvements, such as revisions to the Act on the Maintenance and Improvement of Urban Areas and Dwelling Conditions and utilizing support facilities in knowledge industry centers for residential purposes, into policies.

Tasks requiring consultations with related ministries, such as tax and financial policies, will be reviewed through follow-up discussions, while alternatives will be sought together with the industry even for matters that are difficult to reflect immediately.

In particular, regarding financial issues such as project financing (PF), the ministry plans to provide customized support for each project site through the Integrated Housing Supply Support Center scheduled to launch within the year, in cooperation with related agencies including the Financial Services Commission and the Financial Supervisory Service.

"If there are difficulties in the field, the government will also put its heads together with the housing construction industry to find answers," Minister Hong said, urging industry representatives to actively voice their opinions from the field.

(Photo provided by the Ministry of Land, Infrastructure and Transport, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.