President to Host Public Debate on Real Estate Policy on July 23; Review of Property and Transaction Taxes Underway

▲ Kim Yong-beom, Chief of Staff for Policy at the Presidential Office

President Lee Jae-myung will preside over a public debate on July 23 to discuss overall real estate policies, including supply, finance, and taxation.

Leading up to the event, the Ministry of Land, Infrastructure and Transport, the Financial Services Commission, and the Ministry of Finance and Economy will hold separate public forums from July 14 to 16, focusing on supply, finance, and taxation, respectively. These sessions aim to gather input from experts and the public, signaling the start of full-scale discussions on real estate tax reform.

Kim Yong-beom, Chief of Staff for Policy at the Presidential Office, stated during a briefing, "We plan to discuss the various opinions that have been presented and seek policy directions during the debate." He added, "We will also broadly collect opinions from citizens who cannot attend the debate through online channels."

"There is growing public concern surrounding the recent real estate market," Kim said. "Housing is the issue most directly linked to the lives of the people, and the burden and anxiety regarding housing prices, jeonse and monthly rent, loans, and home ownership are difficulties that many citizens experience in their daily lives."

He continued, "The government is taking this market situation very seriously and is reviewing policies with the top priority of ensuring housing stability for the public."

Kim noted, "The government has been pursuing policies under the principles of expanding supply and stabilizing the market. We are proceeding with supply plans without setbacks, and we are also implementing necessary market stabilization measures, such as the recent designation of land transaction permit zones in areas like Dongtan, Giheung, and Guri, to address concerns over overheating in certain regions."

In particular, he stated, "We are reviewing reasonable improvement plans for the overall tax system, including property and transaction taxes, based on research projects and overseas cases."

Explaining the background of the debate, Kim said, "We do not believe that real estate policy can be perfected solely by the government's judgment. Market conditions are constantly changing, and the difficulties felt by the public are diverse. There may be voices from the field that the government has not yet fully considered."

"What is needed now is not for the government to unilaterally provide answers, but a process where the public and experts work together to create solutions," Kim emphasized. "We do not assume the government knows all the right answers. We will listen more to the voices from the field and actively accept better alternatives."

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