Today (10th), we will discuss with the Minister of Land, Infrastructure and Transport Kim Hyun-mi about the real estate measures and future government policies.

Q. What is the cause of the house price that continues to rise even after successive measures?

[Hyunmi Kim/Ministry of Land, Infrastructure and Transport: With the current excess liquidity in the world and the lowest interest rate, the money is really rushing into the housing market. That's why we have consistently pursued policies to protect real users while blocking the influx of speculative demand. However, these policies are effective only if they are all supported by legislation, including the 12/16 measures mentioned earlier, the 6/17 measures, and the measures taken today. However, due to the lack of legislation, there were limits to the effectiveness of these measures. I think it would be effective if legislation would be implemented including the measures announced today.]

Q. Did you predict the side effects of the'balloon effect'? 

[Hyunmi Kim/Ministry of Land, Infrastructure and Transport: Fundamentally, there is a need to go back to the housing market to recover the enormous unearned income, or institutional measures that can be prevented. But these are legislative matters. However, because these legislative measures are not in place, there is a limit to preventing the housing market from overheating by preventing the regulation of finance.]

Q. Raising the holding and transfer tax… Is the tax burden passed on to the tenant? 

[Hyunmi Kim/Ministry of Land, Infrastructure and Transport: As the transfer tax is strengthened, we believe that there will be some volumes coming out again. For that, another grace period was added until June 1 of next year. Also, there are concerns that some may try to solve this problem through donation. The government is also considering measures to solve the problem.]

Q. If I consider the tax increase and raise the monthly or monthly rent in advance? 

[Hyunmi Kim/Ministry of Land, Infrastructure and Transport: So we are now in the 3rd lease law, so we know that these bills have been submitted to the National Assembly and will be discussed at the National Assembly. If these three laws of rental are passed, I think that there will be a limit on how the landlord can pass the burden on to the lessee.]

Q. What additional supply measures are under consideration? 

[Hyunmi Kim/Ministry of Land, Infrastructure and Transport: Today's announcement was made to form a TF led by the Deputy Prime Minister to expand housing supply. That is why the central government and local governments will participate together, and in order to increase supply, cooperation with local governments is very important. Do you not want a lot of them to be supplied to the city center, especially the city center? So, to improve urban planning regulations for high-density development in the city center, and how to use empty shopping malls and officetels, we are actively trying to do this now. The public participates in redevelopment and reconstruction to increase the floor area ratio, and in some parts, rental apartments. I think that supply will increase if the system is returned to a certain area and the quantity of pre-sale is increased.]

Q. How to ease reconstruction and release the green belt? 

[Hyunmi Kim/Ministry of Land, Infrastructure and Transport: I told you that we would like to work closely with local governments on these issues. If the public participates in reconstruction and redevelopment, I think it will be possible to secure publicity and promptness. If you increase the floor area ratio through it, if you increase some of the public rental apartments on the one hand and increase the number of pre-sale units on the other hand, I think we can achieve two things that increase the supply of supplies and secure publicity.]

Q. Loan Regulations, no plan for'my home'? 

[Kim Hyun-mi/Ministry of Land, Infrastructure and Transport: Jeonsei-myeon is a system to help people who are homeless strictly obtain a charter. However, if this is used as a means of gap investment to buy a house, it seems that it is not appropriate because if such things come together, it has the effect of raising the house price, and as a result, the younger people are in a more difficult condition to prepare my house. As I said before, I think it would be desirable to increase the amount of subscription or to increase the opportunity by substantially increasing the amount of low-priced apartments such as the new town in the 3rd term.]

Q. ? 

[Hyunmi Kim/Ministry of Land, Infrastructure and Transport: As Minister of Home Affairs, I am sorry for the current situation, especially the young generation's anxiety. In order to solve these problems, I think that these systems should be equipped as soon as possible to reduce the anxiety of the people, and I personally have no desire for a position. I will do my best until the day that these policies can work properly.]

Q. High-ranking officials of'Multi-Housing' oppose policy? 

[Hyunmi Kim/Ministry of Land, Infrastructure and Transport: It would be better if officials set an example. But more fundamentally, I think it should be a priority to build a system that makes it impossible to earn unearned income in the housing market.]