Minister Kim Yun-duk of the Ministry of Land, Infrastructure and Transport said on the 3rd, "The weight of household debt, the fear of jeonsei and monthly rent, and the anxiety that 'if you don't buy a home now, you'll never be able to.' We must end this abnormality."
The Minister wrote on Facebook the same day, "A home is a place to live. It is a space to set down the weight, not someone's expected return," and stated accordingly.
The Minister said, "We must no longer look away from the fact that real estate has become a massive wall that has widened gaps in Korean society and blocked youths' tomorrows."
The Minister added, "Stopping speculation, increasing supply, and establishing order. We will apply the same principles to any region and any project," emphasizing, "There is not a hair's breadth of wavering on this."
In particular, the Minister assessed the recent increase in listings in the three Gangnam districts (Gangnam, Seocho, Songpa) since the start of the year as the beginning of normalizing the real estate market. The Minister said, "The market is also responding to the government's measures. Since the start of the year, listings in the three Gangnam districts have risen into the 10% range," calling it "the first signal toward normalization."
The Minister said on Facebook the same day that in Gangnam District, listings increased from 7,122 in early January to 7,956 on the 2nd; in the same period, Seocho District rose from 5,837 to 6,506, and Songpa District from 3,351 to 3,858.
The Minister said, "We will surely carry out the Jan. 29 measure to supply 60,000 homes in the greater Seoul area," emphasizing, "Supply will be continuous, and standards consistent. We will convert to high-density in city centers, utilize idle sites, and reorganize old residential areas, turning 'volume and speed' into results the public can feel." The Minister continued, "We will block speculation and protect end users," adding, "We will, without exception, track to the end and correct market-disrupting acts such as expedients, illegality, collusion, and tax evasion."