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Additional measures in store to calm real estate market: land minister

All News 14:58 June 26, 2019

SEOUL, June 26 (Yonhap) -- South Korea's land minister said Wednesday that the government is ready to take additional measures if the country's real estate market shows signs of overheating again.

Kim Hyun-mee, who heads the Ministry of Land, Infrastructure and Transport, made the remarks at a press meeting as apartment prices in some areas began to curve upward this month.

"The government is closely monitoring the housing market every day," Kim said. "If it appears to be overheated, the government will use various measures immediately."

The Moon Jae-in administration has introduced a series of regulations in recent years to stabilize the country's overheated property market. Seoul's real estate market started to cool down after the government announced the so-called Sept. 13 measures last year, which imposed tougher tax and financial regulations on owners of high-priced houses and multiple homes.

Kim said she doesn't agree that the government regulations on apartment remodeling and redevelopment are pushing up housing prices and emphasized that the government is working hard to increase the supply of new homes in Seoul and adjacent areas.

Land, Infrastructure and Transport Minister Kim Hyun-mee speaks at a press event in Seoul on June 26, 2019. (Yonhap)


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