The government has announced that the rise in dwelling prices in major areas of Seoul is somewhat stabilizing, while also indicating that additional regulations are anticipated should concerns over price instability arise. Additionally, a detailed investigation into transaction disruptions will be pursued alongside measures to prevent supply shortages.
According to the Ministry of Economy and Finance, on the 11th, First Vice Minister Bom Kim and First Vice Minister Jin Hyun-hwan of the Ministry of Land, Infrastructure and Transport jointly held a meeting of the 'Real Estate Market and Supply Situation Survey Task Force (TF)' to review recent trends in the dwelling market.
During this meeting, the government stated, "Since the announcement of the 'Dwelling Market Stabilization Plan' on the 19th of last month, the rate of increase in dwelling prices in areas such as Yongsan and the three districts of Gangnam (Gangnam, Seocho, and Songpa) has been gradually slowing. If there are further concerns about instability in the dwelling market, we will explore various countermeasures including the addition of adjustment areas, speculative overheated areas, and land transaction permit zones, as well as responses related to finance, taxation, and policy loans to ensure market stability."
The meeting also discussed plans for managing the supply of dwellings in Seoul and the surrounding metropolitan area. The government outlined its policy to "thoroughly manage the expected supply of 14,000 units in the southeastern region (Gangnam, Seocho, Songpa, and Gangdong) this year to ensure the timely provision of quality dwellings, and to hold review meetings periodically."
The position is to maintain loan management primarily for actual demanders. The government noted, "In addition to the monthly and quarterly household loan management system, we will closely monitor household loans regionally, focusing on Seoul and the metropolitan area, to ensure funds are provided to actual demanders."
For actions that disrupt market order, inspections and data analysis will be conducted in tandem to strengthen enforcement. The Ministry of Land, Infrastructure and Transport and Seoul City, along with the Korea Real Estate Board, will form inspection teams to monitor overall disruptions including price collusion, false listings, and illicit financing.
A government official stated, "Based on transaction report data, we plan to conduct a focused investigation into activities aimed at inflating dwelling prices, such as 'post-transaction cancellation of reported pricing,' illicit gifting, and suspicious transactions related to illegal loans."