Housing Price Stabilization Measures Must Be Coordinated with Gyeonggi Province

▲ On the 25th, Lee Hwa-soon, Director of Urban Housing at Gyeonggi Province, briefs at the Gyeonggi Province Government Briefing Room regarding the need to coordinate with Gyeonggi Province on the government's housing supply policy. /Provided by Gyeonggi Province

Gyeonggi Province, which recently opposed the government's housing supply plan on relocated public institution sites together with Suwon and Yongin and agreed to coordinate jointly, urged the government on the 25th to pursue housing price stabilization measures in coordination with the province.

Lee Hwa-soon, Director of Urban Housing at Gyeonggi Province, stated during a morning briefing, "According to the government's Capital Region Comprehensive Development Plan, it states that 'relocated public institution sites should be utilized as land that benefits all relevant institutions, local governments, and local residents within the framework of the Capital Region development strategy, and the opinions of local governments will be actively reflected in the promotion of specific utilization plans.'" She pointed out, however, that "the government's recent housing supply policy—including the construction of mini new towns on relocated public institution sites and the additional supply of 15 million pyeong of residential land over five years at 3 million pyeong annually in the Capital Region—represents a contradictory dual policy."

Lee continued, "While the government mentions balanced development in establishing its Capital Region development plan, it uniquely concentrates housing supply only in the Capital Region rather than distributing it evenly nationwide. Instead of responding by intermittently redirecting housing demand flowing from the Gangnam direction as circumstances dictate, the government should coordinate with Gyeonggi Province to stabilize the housing market by creating genuine new towns through planned long-term development."

Accordingly, she demanded that the government's comprehensive real estate measures include the following four items: ▲prohibition of residential land use, including apartments, on relocated public institution sites ▲implementation of public development system and return of development profits to the relevant region ▲joint promotion of new residential land supply in the Capital Region based on Gyeonggi Province's "Capital Region Planned Management Basic Plan" ▲utilization of designated areas such as 'Gwanggyo Techno Valley' rather than new town construction.

On June 30, during a press conference marking the third anniversary of Governor Son Hak-gyu's inauguration, the province stated, "We have concrete alternatives to curb apartment prices and expect to be able to discuss these alternatives with the central government," and has requested policy recommendations and coordination from the government.