Seoul: South Korea will prioritize policies to speed up housing supply and address volatility in the property market while tackling speculative trading, the finance minister said Friday. Finance Minister Koo Yun-cheol made the remark during a meeting on real estate policies with relevant ministries, noting South Korea will accelerate the timetable for existing housing supply projects by streamlining approval procedures, according to the Ministry of Finance and Economy.

According to Yonhap News Agency, Koo highlighted that the country plans to commence construction on a project in Seongnam, south of Seoul, which will provide 6,300 new homes in 2029, ahead of the original target of 2030. "We will remove hurdles at housing construction sites and break ground as early as possible," Koo stated. The government intends to launch a support center led by the land ministry to closely inspect factors delaying construction at project sites and provide comprehensive support to resolve difficulties, he added.

The finance minister also emphasized the need to address illegal activities in the real estate market that undermine the effectiveness of housing supply policies, particularly speculative trading and the spread of false information. A separate report by the finance ministry revealed that the average price of homes traded across the country increased by 0.15 percent in March compared to the previous month, with Seoul experiencing a 0.39 percent rise. The total number of houses traded in March reached 71,975, marking a 24.6 percent increase from February.