The Korea Housing Association announced on the 9th that it held a discussion meeting with the Democratic Party of Korea on housing policy proposals at the National Assembly Members' Hall on the 8th.

This meeting was organized to seek solutions to address the polarization of the housing market between the capital region and local areas, respond to the liquidity of the housing and construction industries, and improve housing supply conditions and activate future-oriented housing supply.

Kim Jae-sik (left), Vice President of the Korea Housing Association, and Moon Jin-seok, a member of the Democratic Party of Korea, are holding a memorandum of understanding and posing for a commemorative photo at the National Assembly in Yeouido, Seoul on Nov. 8. / Courtesy of Korea Housing Association

The association proposed three principles as the direction of the new government's housing policy: ▲ promotion of market-friendly and sustainable policies, ▲ preparation of conditions to facilitate housing supply in desired locations, and ▲ activation of future-oriented housing supply such as modular dwellings and senior dwellings. It also delivered a policy proposal containing 10 key tasks and 30 policy tasks for the housing institutional sector to Democratic Party of Korea member Jeon Jin-seok.

The association and Member Jeon promised to cooperate to resolve key issues such as alleviating polarization in the housing market, overcoming liquidity crises in the housing and construction industries, and improving unreasonable regulations related to housing, and signed a policy agreement.

At the meeting, discussions were also held on regulatory improvement measures, including the abolition of heavy taxation on multiple homeowners.

Kim Jae-sik, the executive vice president of the Korea Housing Association, said, "To resolve the market polarization between the capital region and local areas and to provide affordable dwellings in desired locations, measures such as abolishing the acquisition tax on multiple homeowners, a 50% reduction in acquisition tax, tax support for unsold housing in local areas, speeding up the review of major plan procedures, and easing excessive pre-sale restrictions on apartments due to business suspensions are necessary."

Member Jeon said, "Dwellings are the most fundamental foundation of life for the people, and the housing industry is key to the national economy," and emphasized, "With this meeting and the signing of the policy agreement as an opportunity, I will actively discover policies to enhance the welfare of people's housing and normalize the housing market without holding back support."