Next week, Minister of Land, Transport and Maritime Affairs Kim Hyun-mi will overtake former Minister of Land, Transport and Maritime Affairs Jeong Jong-hwan, the oldest minister, to break the record of the longest-lived Minister of Land, Infrastructure and Transport.
Former Minister Jung served as Minister for about 3 years and 3 months, 1,189 days from February 29, 2008 to June 1, 2011, and Minister Kim took office on June 23, 2017 and on the 23rd. , It will be the same as the term of Minister Chung
Experts contend that it has never been an easy task for the Moon Jae-in government, which declared stabilization of house prices as one of the top national tasks, to serve as the minister in charge of real estate policy for more than three years.
However, while he was in office, he announced more than 20 large and small real estate policies and took the lead in eradicating real estate speculators, but the opinion that it is difficult to get high scores at the moment due to criticism that it failed to stabilize the house price.
At the same time, some positive comments say that the rise in house prices has been mitigated by reflecting some of the effects of the policy, such as the recent completion of real estate tax regulations such as the comprehensive real estate tax and aggressive promotion of housing supply measures in the metropolitan area.
Prior to his inauguration in June 2017, Minister Kim made it clear that he would do his best to stabilize the house price.
At the inauguration ceremony, he diagnosed that housing prices in Gangnam, Seoul were rising due to speculation by multi-homed people, and announced a policy of strong response to speculative forces.
Indeed, when Minister Kim was inaugurated, the real estate market was on the rise after a long period of downturn.
In order to save the housing market, which was stagnant after the 2008 global financial and economic crisis, many of the previous governments have lifted regulations. These easing regulations over time led to a rise in house prices in line with the global economic recovery.
Minister Kim revived the overheated speculation district that had been lifted after a month of inauguration, and announced measures for September 13th and December 16th last year, and focused on restraining demand, such as strengthening loan regulations, tax burden, and maintenance of subscription regulations. We have a regulatory policy.
At the same time, last month, a policy to expand the supply of housing in the metropolitan area, such as the 3 City New Town Plan, was also introduced.
Despite such policies to curb demand and expand supply, some so-called'cash-rich' multi-homeowners have gathered to resist loans and tax burdens without selling their homes.
In addition, there were a number of unexpected side effects such as the so-called balloon effect and the inverse balloon effect, which caused funds to flow around the regulated area as large amounts of floating funds in the market lost places to go at ultra-low interest rates were rushing into the real estate market.
In fact, according to data from the Korea Appraisal Board, which is the official real estate-related statistics of the government, it was found that from June 2017 when Minister Kim took office to last month, apartment prices in Seoul rose 15.71%.
The Citizens' Federation for Economic Justice Practices argued that the price of apartments in Seoul jumped by more than 52% for the Moon Jae-in administration based on KB housing price trend data.
Other private companies also showed higher rates of increase in apartment prices than the appraisal data, and even caused controversy about the reliability of statistics.
Nevertheless, after the announcement of the 8.4 measures to expand housing supply in the metropolitan area, the rapid rise in house prices has declined.
The rate of increase in apartment prices in Seoul announced by the Appraisal Board is 0.1% for 4 weeks in a row, showing the shape of a flat trend, and the KB Liveon buying advantage index has also fallen below 100 in 13 weeks, so people who want to sell their houses are more It is a state that has increased.
The key to the future is whether the so-called'panic buying' phenomenon of buying and buying a house will be resolved and the house price will stabilize downward in fear that the house price will rise due to the strengthened taxation tax and the pre-subscription to the third new city.
Minister Kim's prospect is strong that he will continue to serve as the Minister of Land, Infrastructure and Transport for the time being until the house prices stabilize again, and the record of the longest-serving minister is expected to become a reality.
(Photo = Yonhap News)