Land, Infrastructure and Transport Minister Kim Hyun-mee on Wednesday reaffirmed her commitment to thoroughly enforce a presale price cap system on privately built apartments.
Appearing on KBS TV, the minister said the system is the last piece to complete the government's efforts to stabilize the housing market.
The ministry announced earlier in the day that 27 neighborhoods across eight districts in Seoul will first be subject to the presale price cap scheme.
Kim dismissed concerns that the system will reduce the supply of new apartments, describing such characterizations as "scare marketing."
The minister said that when the system was previously implemented in 2007, supply did not decline except for a period during the global financial crisis.
She added that the government will closely watch the market, and if any unusual signs are detected, it will immediately designate additional areas subject to the system.
[Photo : YONHAP News]