President Yoon: 'Farm land prices are abnormal...we need to consider ways to lower them'
President Yoon has emphasized the need to address the abnormal prices of agricultural land to facilitate rural living and counter urban concentration.
On October 24, President Yoon held a cabinet meeting where he discussed the pressing issue of agricultural land prices, characterizing them as 'abnormal' and detrimental to efforts aimed at reducing urban concentration in the capital region. He underscored that addressing real estate prices is a fundamental solution, but it's equally crucial to evaluate agricultural land matters. High land prices hinder rural resettlement, making farming unviable for many who wish to return to the countryside.
President Yoon pointed out that many farmlands remain abandoned, and the effective use of land is not being realized, thereby exacerbating the concentration of population and resources in the metropolitan area. He proposed a thorough reassessment of the agricultural land system, suggesting that policies across tax, regulation, and finance should work to instill a sense that holding land for speculative investment is pointless. Furthermore, he emphasized the need for research into methods to minimize the costs associated with resettling in rural areas, including potential strategies for reducing land prices.
Additionally, during the meeting, the Minister of the Interior and Safety, Yoon Ho-jung, reported that current welfare support in rural areas is linked to actual agricultural activities, creating a hesitation among elderly farmers to relinquish their land. President Yoon acknowledged this concern, noting that the expectation of rising land prices leads to reluctance in land abandonment. There was a consensus that easing access to agricultural support without requiring farming activity could free up land for new farmers, thus facilitating rural rejuvenation and addressing the agrarian land crisis effectively.