The government is initiating a public consultation process ahead of reforms to its real estate policy. It will hold discussions on housing supply, regulations, finance, and taxation, along with an online feedback platform.
On July 14, the government announced that it will host a series of discussions from July 14 to July 16 focused on housing supply, housing finance, and the real estate tax system to develop a policy that resonates with the public.
The Ministry of Economy and Finance, the Ministry of Land, Infrastructure and Transport, and the Financial Services Commission will jointly kick off the discussions on July 14 with a session on housing supply and regulations, followed by a session on housing finance on July 15, and a discussion on the real estate tax system on July 16.
Ministers from each department and experts will participate in the discussions. After expert presentations, attendees will be encouraged to share their experiences, challenges, suggestions for system improvements, and opinions for or against policies. The entire process will be broadcast live.
To accommodate those unable to attend in person, the government has set up an online feedback platform. Starting July 14, 'realestatediscussion.kr' will be available for the public to submit their opinions on the three areas: housing supply and regulations, housing finance, and the real estate tax system.
Key topics for discussion will include the rationalization of regulations on private redevelopment and reconstruction, the utilization of idle urban land such as the Yongsan International Business District, adjustments to financial and tax regulations for non-apartment new construction, modifications to loan regulations for first-time buyers and young people, and the expansion of policy loans.
In the tax area, discussions will cover appropriate levels of property tax, criteria for comprehensive real estate tax assessment, differential taxation for actual residents, non-residents, and multiple homeowners, strengthening taxation on high-value properties, reforming long-term holding special deductions, and restructuring the multiple homeowner tax system.
The government plans to compile the main opinions raised during the discussions and online feedback for a major real estate forum chaired by the President on July 23.
* This article has been translated by AI.
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