The nominee tapped to head the Land Ministry projects that the overheated real estate market will begin to stabilize next year when measures for jeonse rental homes roll in and the supply of new homes increases in satellite cities. 

In a written statement to address confirmation hearing inquiries submitted to parliament on Monday, Byeon Chang-heum predicted when he thinks the rise in home purchases and rental prices will cool down.

Byun, the head of state-funded Korea Land and Housing Corporation, was tapped to replace Land Minister Kim Hyun-mee, who has been criticized over soaring housing prices. 

The National Assembly is set to hold a confirmation hearing on him on Wednesday, with the main opposition People Power Party seeking to block his appointment amid a controversy over his past remarks. 

While serving as the head of Seoul Housing and Urban Corporation, Byun made a comment on the death of a young non-regular repair worker while on duty at a Seoul subway station in 2016 in which he appeared to be blaming the worker of personal negligence. Byun apologized over the remark in the statement. 

Though noting that it's difficult to make such predictions, Byun said the planned supply of 49-thousand rental homes in the metro area and apartment subscriptions in new cities next year will have a positive impact on stabilizing the market.

As for the provinces, he expected measures on housing demand and preventing speculative investments will produce similar effects.

The nominee said that if he becomes minister, he will seek ways to supply more homes in city centers to raise residential density while maintaining a favorable housing environment.

He also called for a social consensus and discussions on retrieving profits gained from property development so those profits can be better distributed. Byeon also vowed to increase real estate holding taxes to prevent people from obtaining unearned income.