President Lee Jae Myung Says Government Will Roll Out Supply and Demand Measures to Stabilize Property Market

President Lee Jae Myung said Tuesday the government will adopt various measures on both the supply and demand sides to stabilize the property market and root out speculative behavior. Lee made the remarks at a televised Cabinet meeting at Cheong Wa Dae.

He said windfall profits from real estate, aided by illegalities and legal loopholes, have become the biggest culprit in destroying fairness and common sense and undermining national unity.

The property market has also exacerbated wealth inequality, household debts, and young people's pain and isolation, he added. "Only when the real estate problem is normalized can resources be reinvested productively and social dynamism be restored," Lee said.

The government will swiftly roll out supply-side measures, draw up comprehensive measures to support people genuinely in need of a home, and revise the property tax system in a way that is fair and rational and in line with people's expectations, he stated.

Lee previewed a real estate policy debate scheduled for Thursday that he plans to lead himself. He said he will listen carefully to the voices of the public and devise achievable measures. Lee used the same meeting to urge all-out efforts to protect people from the ongoing monsoon rains and the severe heat waves expected to follow.

The damage recovery rate following last year's monsoon season reached 93.7 percent before the start of this year's season, the highest figure in the last 10 years, he noted.