Government to Review 'Swift Supply' of Real Estate on the 12th; Horse Affairs Association Site Relocation to be Reported

The South Korean government is set to convene a meeting of relevant ministers on July 12th to assess and expedite real estate supply measures. The gathering, to be chaired by Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol, will include ministers from the Ministry of Land, Infrastructure and Transport, Ministry of Agriculture, Food and Rural Affairs, Ministry of the Interior and Safety, and the Ministry of Strategy and Finance.

A central theme of the meeting will be the swift implementation of supply-boosting policies. Notably, Woo Hee-jong, president of the Korea Racing Authority, is scheduled to attend and report on the relocation of the authority's site. This comes after President Lee Jae-myung's directive on July 3rd to accelerate the commencement of construction for the Taereung Golf Course in Seoul and the Gwacheon Racecourse, originally slated for 2029.

The Ministry of Land, Infrastructure and Transport and the Ministry of National Defense are expected to discuss plans to expedite the housing construction at the Taereung Golf Course site. Meanwhile, the Seoul chapter of the Democratic Party held a policy briefing session with local lawmakers and party members to discuss the previous government's August 3rd tax reform package.

Kim Young-bae, a member of the National Assembly, stated after the meeting that there were significant concerns raised regarding the tax reform's impact on non-resident single-homeowners, particularly concerning the strengthening of property taxes. Another lawmaker reportedly expressed concern that the current tax reform, which emphasizes owner-occupancy, could exacerbate rental market issues due to a lack of supply. The meeting also saw discussions on the need to expand the supply of non-apartment housing.

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There were many issues raised regarding the tax reform package for non-resident single-homeowners (strengthening of holding tax), so we discussed focusing our attention and monitoring it closely.