Minister of Land, Infrastructure and Transport Noh Hyeong-wook said on the 9th that the government announced that the shortest period would take two years from the long-term 10 years, confirming the current shortage of housing supply, stimulating the real estate market.
At a meeting with housing supply organizations on the same day, Minister Roh said, "We announced a mid- to long-term supply plan of more than 2 million units through various measures. However, it is true that it takes several years to move-in." 300,000 units and 40,000 units in Seoul can be supplied. It takes a lot of time to build a large-scale housing site. No matter how quickly you hurry, there is a time lag of 5-6 years, usually more than 10 years." The full-scale move-in of countermeasures will begin in 2023.
Minister Roh said on the 5th of last month, "Even if you buy a house now, even if you forcefully buy a house now, house prices can come down in 2-3 years." “Prices are showing an upward trend now, but market conditions can change quickly, so please refrain from excessive gap investments and chase purchases.” ' said.
From the beginning of his inauguration, Minister Roh repeatedly stated the 'fall in two years' and focused on 'psychological warfare' and 'low interest rates' without separating the 'decrease preparedness policy' and the 'rise response policy'.
Minister Roh announced on the same day that “prior subscription for short-term supply will be carried out” and, rather than public corporation LH, “proceeding with advance subscription for 160,000 units in the private construction industry” as a new policy, changing the private sector from housing in the metropolitan area to lead the supply.
Regarding the transition to the housing market in the metropolitan area by 'leading short-term supply by private construction companies,' Minister Roh said, "The housing policy cannot be done alone." "The planned supply measures can be carried out only when the government of public institutions in the construction industry work together as one." said.