The Korea Real Estate Agency will produce new real estate statistics, including data on foreign home ownership and commercial vacancy rates, while intensifying checks on suspected speculative transactions and price distortions by foreigners. The agency also plans to expand its dispute resolution functions for construction costs in redevelopment and reconstruction projects to accelerate housing supply in urban areas.
Lee Heon-wook, the head of the Korea Real Estate Agency, stated during a report to the National Assembly's Land, Infrastructure and Transport Committee on October 15, "We will produce new statistics that reflect market changes and public demand, including the status of foreign home ownership and commercial vacancy rates."
Lee emphasized the need to strengthen policy support based on accurate real estate appraisal prices and statistics, highlighting the importance of producing statistics and enhancing market management functions in response to changes in the real estate market.
The agency will also enhance monitoring of real estate speculation and unfair practices. It plans to analyze market and transaction information to focus on checking suspected speculative transactions and price distortions involving foreigners, aiming to protect consumers.
Lee remarked, "We will actively respond to speculation and unfair practices by closely analyzing real estate market and transaction information, ensuring thorough consumer protection in the real estate market through focused checks on foreign speculation and suspected price distortions."
Support will also be expanded to address factors causing delays in redevelopment and reconstruction projects. The agency plans to strengthen on-site management systems, including initial operational consulting for associations, and increase the deployment of construction cost dispute resolution teams.
In particular, the agency aims to reduce delays caused by conflicts between associations and construction companies by supporting the establishment of a construction cost dispute resolution committee.
Lee stated, "We will fulfill our role in accelerating redevelopment projects through on-site management of projects, including initial operational consulting for associations, and we will enhance the speed of housing supply in urban areas by expanding the deployment of dispute resolution teams and supporting the establishment of dispute resolution committees."
Meanwhile, the agency will strengthen management of the application market. It plans to enhance verification procedures for successful applicants and expand personnel for monitoring fraudulent applications, while also improving related systems to establish a fair application order.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.