President Lee: "Apartment Transaction Prices in Major Areas Falling at Surprising Rate"

▲ President Lee Jae-myung speaks during a Cabinet meeting held at the Blue House on November 3.

President Lee Jae-myung said on Tuesday (November 3) regarding the real estate market, "Actual transaction prices in major areas are falling at a surprising rate," adding, "While there are certainly areas where this is not the case, it is important to properly inform the public so that they can access this accurate data directly."

Presiding over a Cabinet meeting at the Blue House on the same day, President Lee made the remarks, saying, "I am concerned about whether statistical data related to real estate is being properly delivered (to the public)."

President Lee said, "There are various discussions regarding the outlook for housing prices in the capital region right now. Some are even beginning to worry about a crash," adding, "While no one can guarantee the future 100 percent, it is clear that for the future of the Republic of Korea, we must cast off the stigma of being a 'republic of real estate speculation.'"

He then repeatedly emphasized, "That is why it is necessary for the government to properly explain objective data."

President Lee observed, "However, it appears that those who benefit from rising housing prices are taking only part of the data and steering the narrative in one direction."

In particular, he pointed out that such data does not seem to be properly communicated, stating, "Apartment listings in Seoul are increasing rapidly, and transactions are decreasing rapidly."

President Lee added, "It is most desirable for real estate prices to stabilize. Neither skyrocketing prices nor plunging prices are desirable," continuing, "However, this does not necessarily happen just by the will of government authorities. Nonetheless, the primary role of the government is to trust the market and help respond to market conditions based on accurate information."

(Photo: Yonhap News)

※