The Ministry of Land, Infrastructure and Transport held its first public forum to discuss measures for expanding housing supply ahead of a real estate summit led by the President. The event saw a surge of demands for regulatory easing, including the recovery of non-apartment supply, revitalization of private redevelopment projects, utilization of urban idle land, and relaxation of urban and architectural regulations.
According to the Ministry, the forum titled 'Measures to Expand Housing Supply for National Housing Stability' took place at the Jeongdong 1928 Art Center in Seoul on July 14. It was attended by Minister Kim Yoon-deok, representatives from public institutions related to real estate, academia, industry, and civic groups. The session was chaired by Lee Yong-man, an emeritus professor at Hansung University.
In his opening remarks, Minister Kim stated, "I will listen carefully to the opinions of the participants and reflect them in the upcoming government announcement on real estate issues. This time, I will do my utmost to ensure that the real estate problems are effectively addressed."
The recovery of non-apartment supply, particularly villas and officetels, was a key topic of discussion, especially following a decline in the market due to rental fraud. Participants noted that a combination of loan regulations, rising construction costs, and restrictions on rental businesses has weakened the foundation for non-apartment supply.
There were also calls to revitalize reconstruction and redevelopment efforts. Concerns were raised about rising construction costs, the burden of member contributions, reduced relocation loan availability, rental housing ratios, and restrictions on the transfer of member status, all of which are slowing down private redevelopment projects. Participants emphasized the need to make regulations related to private redevelopment more realistic.
Discussions also included strategies for utilizing urban idle land. Attendees suggested that areas such as semi-industrial zones, long-unsold commercial and self-sufficient land, and underutilized commercial properties and offices should be considered for conversion to residential use. However, to avoid controversy over preferential treatment, it was suggested that public contributions such as the supply of public rental housing, infrastructure expansion, and donations should accompany these changes.
The need to alleviate housing burdens for young people and newlywed couples, as well as to protect tenants, was also highlighted. The Min-dalpaeng Union pointed out that many young individuals are exposed to rental fraud, unreturned deposits, and management fee burdens, arguing that housing policies should include protections for tenant rights.
Relaxation of urban and architectural regulations was another topic on the agenda. Panelists suggested that converting vacant commercial spaces or office facilities into residential units and adjusting sunlight and parking regulations for low-rise residential areas could help increase short-term supply.
In his closing remarks, Minister Kim acknowledged, "The housing issue is the most challenging, and its impact on the public is significant." He assured that the opinions raised during the forum would be well reflected to alleviate the notion of 'real estate ruin.'
The government plans to hold additional forums on July 15 and 16, led by the Financial Services Commission and the Ministry of Economy and Finance, respectively. A comprehensive forum chaired by President Lee Jae-myung is scheduled for July 23 to discuss overall real estate policies, including housing supply, finance, and taxation.
* This article has been translated by AI.
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