Vice Minister Lee Sang-kyung of the Ministry of Land, Infrastructure and Transport held an unofficial meeting with five real estate experts last week. Current market conditions and future dwelling policies were discussed at this meeting.
According to the Ministry of Land, Infrastructure and Transport and the real estate industry on the 22nd, Vice Minister Lee Sang-kyung invited five private real estate experts to chair an unofficial advisory meeting last week. Previously, unofficial advisory meetings at the Ministry of Land, Infrastructure and Transport had been conducted by Directors. It is seen as unusual for the Vice Minister overseeing dwelling policy to directly chair such a meeting.
However, the Ministry of Land, Infrastructure and Transport stated it could not confirm the Vice Minister's unofficial schedule.
Experts running institutes bearing their names or affiliated with research organizations attended this meeting. Some of them are understood to be referred to in the market as "pessimists" (experts predicting market decline).
At this meeting, the Vice Minister inquired about the current market situation and possible policies that could be mobilized in the future. Some experts reportedly spoke frankly against the current government policies.
The Vice Minister was appointed on June 30. Since the 6·27 measures were announced, the forthcoming "supply measures" are expected to essentially be the Vice Minister's first official policy. It appears the Vice Minister met with experts directly to closely confirm market conditions before the supply measures.
Known as "Lee Jae-myung's real estate strategist," the Vice Minister is a former professor at Gachon University's Department of Urban Planning and Landscape Architecture. In his inauguration speech, he mentioned, "We will supply affordable dwellings for actual demanders," and emphasized that efforts must continue to provide affordable housing for the homeless and public rental dwellings, highlighting the importance of public supply in housing.
The presidential office has stated that the background for the Vice Minister's appointment is based on his advocacy for blocking speculative profits in real estate and recovering development profits, with expectations for diverse policies to enhance the housing rights of ordinary people.