South Korea's land minister bearish on property as population ages

Park Sang-woo, South Korea's Minister of Land, Infrastructure and Transport, speaks during an interview with Reuters, in Sejong, South Korea, March 11, 2024. Ministry of Land, Infrastructure and Transport/Handout via REUTERS

SEJONG, South Korea (Reuters) - South Korea won't see a repeat of the sharp home price gains it did in the past as its population rapidly ages and economy slows, the country's land minister said, vowing to promote public rental accommodation to improve access to housing.

"The population is ageing and the economy is growing by just 2% to 3% each year. There is no way house prices will rise as they did in the past," Park Sang-woo, minister of land, infrastructure and transport, said in an interview with Reuters on Monday.