"There are some reports that the property market still remains sluggish. But the government's measures to reinvigorate the property market have worked effectively in recent months," Kim Jae-jeong, chief of housing policy at the Ministry and Land, Infrastructure and Transport, said in a meeting with reporters at the Government Complex building in Sejong City.
He noted that the number of home transactions in the first 11 months of this year totaled 914,043, up 20.5 percent from the same period last year.
The figure represents the highest level since 2006 when the property market hit a boom, he said.
The official said: "The real estate market is not in the doldrums. It is onto a stable recovery track."
However, there are concerns that the property market may subside again, he said.
Kim called on the National Assembly to pass revision bills aimed at further boosting the real estate market at the earliest possible date.
The measures to revive the property market include cutting the minimum age of housing units subject to reconstruction by up to 10 year and the easing of regulations on household loans, such as loan-to-value (LTV) and debt-to-income (DTI) ratios.
reporter
Park Sae-jin
swatchsjp@ajunews.com