On the 29th, the Construction Association of Korea proposed measures to normalize the housing market to the Democratic Party of Korea, including the complete abolition of the sales price cap and tax relief for two homes per household.
The Construction Association of Korea noted that it held a policy proposal signing ceremony for 'construction policy tasks desired by the next government' at the Construction Hall in Gangnam-gu, Seoul, on the same day. Attendees included Democratic Party of Korea lawmaker and chair of the National Assembly's Land, Infrastructure and Transport Committee, Maeng Seong-kyu, fellow lawmakers Lee Yeon-hee and Ahn Tae-jun, as well as Han Seung-goo, president of the Construction Association of Korea, Lee Han-woo, representative of Hyundai E&C, Kim Bo-hyun, representative of Daewoo E&C, Park Sang-sin, representative of DL E&C, Park Cheol-hee, representative of Hoban Construction, and Kim Jeong-il, representative of KOLON GLOBAL.
At the signing ceremony, the Construction Association of Korea proposed measures to normalize the housing market, including the complete abolition of the sales price cap, tax relief for two homes per household, tax incentives for purchasing unsold dwellings in local areas, and plans to supply 500,000 public dwellings to support housing stability for low-income individuals.
It also proposed measures to activate infrastructure investment, such as preparing an annual social overhead capital (SOC) budget of more than 30 trillion won and realigning the criteria for the preliminary feasibility study targets, as well as a complete revision of the Serious Accidents Punishment Act to strengthen construction safety.
Additionally, ideas were presented regarding the legislation of the basis for paying additional costs for extended durations of long-term construction projects, the prompt passage of three legal amendments to prevent illegal activities at construction sites, and the activation of smart construction technology to redefine the status as a national core industry.
Han Seung-goo, president of the Construction Association of Korea, said, 'At this critical point, the role of the construction industry, which accounts for 15% of the entire gross domestic product (GDP) and over 20% of regional economies, is crucial for reviving the South Korean economy.' He added, 'We will do our utmost to ensure that the policy tasks proposed by the construction industry are actively reflected in future national governance, and to closely communicate with the National Assembly and government so that the construction industry can firmly establish itself as a strong pillar of the national economy.'