Minister of Land, Infrastructure and Transport Kim Yoon-duk stated that housing supply will be increased while the tax revision plan is implemented in phases, addressing concerns raised over requiring non-resident single-home owners to actually reside in their properties following the announcement of the tax reform proposal.

Attending a meeting of the National Assembly's Land, Infrastructure and Transport Committee today (the 11th), Minister Kim stated, "The policy on shifting to actual residency will remain unchanged until the end of next year to ease market shocks."

Regarding the policy objectives of the tax revision, he answered, "I understand the goals are to establish a housing market centered on actual residency, normalize real estate taxation to enhance fairness in taxation, and build a sustainable and rational real estate tax system."

As the most important measure to respond to housing supply issues in Seoul and the metropolitan area, he cited "building a large volume."

Minister Kim explained, "We have policies in place to shorten approval periods and accelerate private redevelopment projects, as well as to break ground on the third-phase new towns as quickly as possible."

He also emphasized, "We believe we must supply a large number of homes in the capital area even if it means lifting greenbelts, and since there are currently many issues with jeonse and wolse (lease and monthly rent), we plan to pursue the vital policy alternative of revitalizing non-apartment housing."

(Photo: Yonhap News)