President Lee Jae-myung Presides Over Real Estate Debate... Flood of Solutions to Market Anxiety

President Lee Jae-myung will preside over a major real estate debate on the 23rd to seek ways to stabilize the market. At a Cabinet meeting, President Lee stated that 'unearned income from real estate is the main culprit destroying fairness and common sense and hindering social integration.' Seoul apartment prices have been rising for 75 consecutive weeks.

More than 3,000 opinions have been submitted to the government-run public proposal site. The majority consisted of demands for easing loan regulations and proposals regarding housing supply and tax systems. There were also appeals from actual end-users who said they were unable to come up with the remaining balance after winning a housing subscription or found it difficult to purchase a home due to reduced loan limits. Opinions were raised that revitalizing reconstruction projects to increase housing supply could lead to stabilization based on market economy principles. There were also criticisms that the anxiety caused by frequent changes to tax standards must be alleviated. Some mention that raising property taxes for owners of a single ultra-expensive home and reducing tax benefits for non-residents owning one home are likely.

The real estate debate will proceed by announcing the results of public opinions collected in advance, followed by expert presentations and an open discussion.