Korea Real Estate Board (KREB) and Korea Housing & Urban Guarantee Corporation (HUG) stress they will help promote expanded housing supply

[The Financial News] KREB and HUG stressed that they would support the government’s drive to promote expanded housing supply.
KREB President Lee Heon-uk appeared before the National Assembly’s Land, Infrastructure and Transport Committee for a parliamentary audit on the 15th and said, “We will actively support policies to expand housing supply and contribute to achieving housing stability for the public.” He added, “Through hands-on management of urban renewal projects, including consulting on the initial operation of associations, we will faithfully serve as a catalyst for the swift implementation of these projects.”
Lee added, “We will remove factors that delay projects and accelerate housing supply in urban areas by expanding the dispatch of construction-cost dispute mediation teams and supporting the establishment of a new dispute arbitration committee. We will faithfully support the government’s real estate policymaking by producing new statistics that reflect market changes and public demand, including data on foreign ownership of homes and commercial vacancy rates. We will closely analyze the real estate market and transaction data to actively counter speculation and unfair practices, and focus our scrutiny on foreign speculative activity and transactions suspected of distorting market prices to ensure consumer protection in the real estate market.”
HUG President Choi In-ho also stressed, “We will promote expanded housing supply by providing comprehensive support for housing projects. In step with the government’s housing supply policies, we will provide public guarantees for housing projects on a substantial scale of 100 trillion won annually, while providing liquidity to small and medium-sized construction firms that have difficulty securing funds and to developers with unsold homes. We will strengthen construction finance support for non-apartment developers to accelerate housing supply in the Seoul metropolitan area.”
He added, “We will launch the Jeonse-Wolse Safe Trust initiative, under which a public institution manages tenants’ deposits, to provide tenants with worry-free jeonse housing and landlords with stable rental operations, restoring trust in the jeonse and wolse market and easing uncertainty in transactions. We will help prevent jeonse-related damage from the contract stage by introducing a pre-screening system to check in advance whether a jeonse guarantee is available and upgrading the Safe Jeonse app. We will also work to expand the supply of Dundeun Jeonse Housing.”

[email protected] Jung Kyung-soo Reporter