洪 “Worried about damaging stabilization that was difficult to form”
Hong Nam-ki, Deputy Prime Minister of Economy and Minister of Strategy and Finance. joint photo shoot
Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki expressed concerns about the potential impact on the real estate market in relation to the recent presidential campaign promises to develop real estate.
Deputy Prime Minister Hong held a meeting of ministers related to real estate market inspection at the government complex in Seoul on the 19th and said, “There are signs that housing prices in some areas are being affected by large-scale development promises made during the election process in January. We are closely monitoring any unusual trends,” he said.
Deputy Prime Minister Hong emphasized, “Since stability in the real estate market is a common goal that all parties, the ruling and opposition parties, and the current and next governments should pursue, it is of utmost importance to work together so as not to undermine the difficultly formed stabilization trend.”
Recently, candidates from the ruling and opposition parties have been pouring out promises to develop real estate one after another. Representative examples include Democratic Party candidate Lee Jae-myung’s promise to revitalize redevelopment and reconstruction, and People’s Power candidate Yoon Seok-yeol’s promise to extend the metropolitan express railway (GTX) and new construction.
In fact, after the announcement of the presidential campaign promises, some local real estate markets showed a reaction. In Pyeongtaek, Gyeonggi Province, which Candidate Yoon mentioned as an extension of the GTX-A route, the weekly apartment sale price index increase rate expanded from 0.04% in the first week of January to 0.14% in the second week. The rate of increase in Anseong, Gyeonggi-do, where the new single-track railway was discussed, also rose from 0.11% to 0.22%.
However, as for the overall real estate market, Deputy Prime Minister Hong said, “It is speeding up with a downward trend.” Deputy Prime Minister Hong said, “If you look at the monthly apartment transaction price trend (provisional) in December of last year, the 4 districts in Gangnam fell for two months in a row, and the drop expanded from 0.05% in November to 0.86% in December, followed by Seoul -0.48% and metropolitan area – 1.09% and -0.91% nationwide, all showed a downward trend,” he said.
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