President Lee: "We will move beyond the real estate speculation republic,,,,,,,,, This government will do it"

On the 18th, President Lee Jae-myung reiterated that "if things continue as they are, we will surely stabilize the real estate market so we can avoid the lost 30 years we will inevitably face someday," ,,, President Lee pointed out, "The most fundamental factor is the concentration in the metropolitan area, where people are all flocking to Seoul, Gyeonggi, and Incheon. All economic power, infrastructure, and living conditions are concentrated in Seoul, Gyeonggi Province, and Incheon." He cited the concentration in the metropolitan area and the perception that real estate is the main means of asset growth as structural causes, and cited short-term factors that have recently heightened housing price instability such as reduced housing supply, cancellation of land transaction permits, and expanded market liquidity. President Lee said, " The economy of South Korea is turning around, and tremendous liquidity is being created, which could also be a contributing factor." Regarding the recent real estate market situation, President Lee said, "Fortunately, the decline has been spreading continuously in areas including Gangnam. Of course, the outskirts are rising," and added, "Previously, it was vertical. It seems a kind of leveling is underway." He continued, "Moving beyond Korea's real estate speculation republic is unprecedented This is the government's most central task. It's difficult. I tried to do it but couldn't," but emphasized, "What I can say clearly is that this government will do it." As a solution, expand housing supply and simultaneously pursue regulatory and tax policies. Meanwhile, the plan is to disperse housing demand concentrated in the metropolitan area by relocating public and national institutions to local areas and Sejong. Regarding areas that increase housing supply, financial support will also be expanded, "Soon , We will announce the release of data, and the number of building permits is increasing significantly. We are also expanding financing in the supply sector," he said,,,, "Supply will increase. We will quickly relocate public enterprises to local areas and national institutions to Sejong, which will create some leeway. And going forward, the interest rate situation will not be entirely volatile," he pointed out.