Land Minister Meets Housing Industry, Urges: "Private Sector's Role Is Important in Housing Supply in Seoul Metropolitan Area"

Hong Jiseon, Minister of Land, Infrastructure and Transport, said on the 6th, "At a time when the role of the private sector, which has accounted for more than 80% of housing supply, is more important than ever, we must address the imbalance between housing supply and demand in the Seoul metropolitan area."

That day, Minister Hong met with housing-related associations and member companies at the National Museum of Korean Contemporary History in Seoul to hear about challenges facing the homebuilding industry and discuss ways to address them. The meeting was organized to identify difficulties in the field and for the government and industry to jointly explore support measures to resolve them.

The meeting covered proposed institutional improvements submitted by three associations: the Korea Housing Association, the Korea Housing Builders Association, and the Korea Real Estate Development Association. The Ministry of Land, Infrastructure and Transport decided to swiftly revise the relevant laws and regulations governing urban redevelopment, while incorporating into policy measures that can be implemented immediately, such as allowing support facilities in knowledge industry centers to be used for residential purposes.

Minister of Land, Infrastructure and Transport Hong Jiseon (right) greets Korea Housing Association Chairman Yoon Youngjun at a meeting with housing industry representatives on the 6th. Photo provided by the Ministry of Land, Infrastructure and Transport.

Issues requiring consultations with relevant ministries, including those concerning taxation and finance, will be discussed and reviewed further. Even if they cannot be addressed immediately, the government and industry will work together to find alternatives. Regarding housing supply financing, including project financing (PF), the parties agreed to provide close, site-specific management through an integrated housing supply support center involving relevant institutions such as the Financial Services Commission and the Financial Supervisory Service, and to identify and resolve difficulties on the ground.

Industry representatives reportedly noted that the government's robust housing supply policies had produced results on the ground, including easing construction regulations for urban living housing, relaxing financial and tax regulations for new construction, and allowing vacant commercial properties and knowledge industry centers to be converted to other uses. Minister Hong said, "The homebuilding industry's views, based on experience in the field, will be very useful in developing policies that promote private-sector housing supply."

She added, "If there are difficulties on the ground, the government will work with the homebuilding industry to find solutions, so please share candidly what you are hearing in the field," signaling her intention to provide active support where needed.

This content was produced with the assistance of AI translation services.