▲ Attendees request the floor at a national public debate on real estate policy hosted by President Lee Jae-myung at the KBS Annex in Yeouido, Seoul, on the 23rd.
President Lee Jae-myung stated regarding the government's real estate policy goals that the objective is not to "forcibly lower prices," placing emphasis on market normalization.
Presiding over the national public debate on real estate policy at the KBS Annex in Yeouido, Seoul, President Lee responded to an attendee's remark that "the goal of real estate policy must be set first" by saying, "Policy authorities may have different views, but let me share my thoughts."
President Lee noted, "If we were to set a housing price target and suppress or control supply and demand, wouldn't that be close to a socialist state? It is also not feasible."
He went on to say, "Completely ignoring market order, forcefully adjusting supply and demand, or controlling prices to artificially lower or raise them can hardly be policy goals." He emphasized, "Rather, the aim is to prevent prices from being distorted by abnormal supply and demand—in other words, to normalize the market."
Citing apartments with a view of the Han River as an example, President Lee remarked, "If someone wants to buy a home regardless of the price and says they are willing to pay whatever taxes are required because they have the economic means, that should be respected."
He added, "Certain areas are expensive due to special significance or scarcity. Why would we want to control that?" He further noted, "Aren't there often twofold price differences just a block apart? I do not consider that abnormal."
"They just need to shoulder the corresponding social burdens. That is why our goal is to normalize [the market]," he elaborated, adding, "We must respect market prices formed through appropriate and legitimate supply and demand."
In addition, he warned, "If everyone thinks, 'Buy a house because it makes money even if you have to borrow,' or 'Risking your life to buy a house is the only way to make money,' and rushes into it, problems will eventually arise." He concluded, "The goal is to prevent that in advance."
(Photo: Yonhap News)
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