Presidential Policy Chief to Introduce Real Estate Policies That Are Difficult to Change

“I will introduce real estate policies that are hardly changeable, like the constitution.”

Kim Byong-joon, chief of the Presidential Policy Office, said yesterday in an interview with Yonhap News, “Those who believe that the current pressure on real estate speculation will disappear in two and a half years when the current participatory government comes to end are continuing their speculation now,” adding, “I will introduce real estate policies that are hardly changeable like the constitution and, in doing so, completely dampen any initiative like this.”

Kim said, “For the redemption of development profits and promoting trade transparency, legal actions such as enactment of new laws or the modification of the existing laws must follow. At the regular session of the National Assembly, bills for this will be introduced.” Kim also added, “In order to redeem real estate speculation profits, the government plans to increase the possession tax on high-priced houses.”

Regarding this, a source from the government said, “We are considering the increase of the possession tax of high-priced houses about three or four times. However, taxes on ordinary houses will either remain the same or be decreased.”

Jung-Hun Kim jnghn@donga.com