[Anchor]

Loan regulations and housing supply issues were also key topics at the real estate forum. President Lee Jae-myung stated that easy Jeonse (lump-sum housing rental) loans are one of the causes behind soaring housing prices and need to be adjusted. He also emphasized speed in supply, such as shortening the construction period for the third-phase new towns.

Here is the report from reporter Kang Cheongwan.

[Reporter]

President Lee Jae-myung noted the need for policy adjustments, pointing out that excessively accessible Jeonse loans have led to surging housing prices and even Jeonse fraud.

[President Lee Jae-myung: Jeonse loans have the aspect of being a support policy for housing stability among ordinary citizens, but at the same time, they have become a major cause of soaring housing prices. I think it is time to adjust this.]

In particular, he asked the attendees for their opinions on whether Jeonse loans should even be provided to people who already own homes.

[President Lee Jae-myung: Raise your hand if you think we should not provide them.]

However, he added a caveat that "pinpoint support" is necessary for the housing of young adults, newlywed couples, and ordinary citizens who genuinely need Jeonse loans.

The discussion also grew heated regarding the reality of housing supply measures.

[Koh Jong-wan / Private Real Estate Expert: A lack of supply is the biggest cause. There is a concern that if we are not careful, the crazy housing prices and crazy Jeonse prices of 3 or 4 years ago could repeat themselves.]

[Chae Sang-wook / Private Real Estate Expert: There are no details at all on how many units of private rental housing will be built during the five-year term of the Lee Jae-myung administration, in which regions they will be built, or what types they will be.]

[President Lee Jae-myung: It is not that we are indifferent, and existing systems do exist in their own way. But they are probably not working very well. The fundamental problem is that there is almost no land left for new construction.]

[Chae Sang-wook / Private Real Estate Expert: Within downtown areas, there is not only residential land but also plenty of non-residential land, idle land, and land whose zoning can be converted.]

[President Lee Jae-myung: Well, those kinds of sites will need to be uncovered.]

While expressing frustration that finding housing sites in Seoul is difficult and that supply limits are clear, President Lee also promised a speed-driven approach to cut the construction period of the third-phase new towns by more than half.

(Photo: Yonhap News / Video by Jung Sang-bo and Ha Ryung / Video Editing by Nam Il)