Deputy PM to Announce New Real Estate Policy Next Month

The government has decided to unveil a measure in early February to stabilize the real estate market and expand the supply of rental and public housing.

Deputy Prime Minister and Minister of Finance and Economy Kwon O-kyu said on Thursday that the government will announce as early as the beginning of February a new real estate policy as a follow-up to the previous one delivered on January 11, and it is expected to be a breakthrough.

Concerning the new measure, Kwon said that the government tried to draw up a plan that can strengthen the role of the public sector in the real estate market by expanding the supply of rental and public housing.

After a breakfast meeting with CEOs hosted by the Korea International Trade Association, Kwon told the press that, so far, it has been pointed out that the housing supply created by the private sector is expected to decrease in the mid- and long term, which has led the government to be prepared for such situation with sufficient capacity to make up for a possible deficit.

Kwon added that to provide more rental housing requires solving three problems: financing, land, and organization and manpower, an indication that specific measures are under consideration to increase the public housing supply.

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