President Lee Jae-myung stated today (the 23rd) regarding the government's real estate policy goals, emphasizing market normalization by saying, "We are not trying to force prices down."

Presiding over the National Public Debate on Real Estate Policy at the KBS Annex in Yeouido, Seoul, President Lee made the remarks in response to an attendee's comment that "the goal of real estate policy must be established first," adding, "Policy authorities may have different views, but let me share my thoughts."

President Lee noted, "If we were to set a target for housing prices and suppress or adjust supply and demand accordingly, wouldn't that be close to a socialist state? It is also not possible."

He went on to say, "Completely ignoring market order, forcibly adjusting supply and demand, or controlling prices to artificially lower or raise them can hardly be policy goals. Rather, the aim is to prevent prices from being distorted by abnormal supply and demand, and to normalize the market."

Citing "apartments with a view of the Han River" as an example, President Lee stated, "If someone says they want to buy it no matter the price, and has the economic capability to pay whatever taxes are required, that should be respected."

He added, "Certain areas are expensive due to special significance or scarcity; why would we try to control that? Aren't there many cases where property prices double across a single alley? I don't see that as abnormal."

He further explained, "They just need to shoulder the corresponding social burden. That is why our goal is to normalize [the market]. Market prices formed through proper and legitimate supply and demand must be respected."

In addition, he noted, "If everyone thinks, 'Buy a house even if you have to borrow because it will make money,' or 'Risking your life to buy a house is the only way to make money,' and crowds into the market, a problem will eventually arise. We are trying to prevent that in advance."

(Photo: Yonhap News)