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President Lee Jae-myung speaks during a Cabinet meeting at the presidential office in Yongsan, Seoul, on October 21. / Source: Yonhap News

President Lee Jae-myung on October 21 ordered government ministries to mobilize “all available measures” to block speculative activities distorting the national economy, sending a strong signal to cool the overheating housing market.

At a Cabinet meeting held at the presidential office in Yongsan, Lee said, “All ministries must devote their utmost efforts to eliminating speculation that distorts the people’s economy.” The directive comes amid mounting signs that speculative funds are again flooding the real estate market following a sharp surge in home prices across the Seoul metropolitan area.

“Every policy tool and available capacity should be concentrated to suppress unproductive speculative demand that is flashing warning signs,” Lee said. He noted that the KOSPI index had surpassed the 3,800 mark for the first time in history the previous day, adding that the stock market was “on a path toward normalization.”

Lee emphasized the need to reinforce the shift from property speculation to “productive finance,” saying, “To ensure this trend takes deeper root, the government must implement consistent and effective policies that can reshape public perception.” He added, “Only then can a rational and sustainable investment culture take hold, leading to the co-growth of our economy, industries, and citizens’ assets.”

Referring to the lifting of the “severe” level of the medical crisis alert issued during the recent healthcare disruption, Lee urged ministries to “prepare once again for reasonable medical reform.”

The president also disclosed that he had issued special instructions to the National Intelligence Service to respond more aggressively to crimes involving Korean nationals abroad, especially in Cambodia. “We must take tougher measures against international fraud schemes,” he said.

Underscoring the importance of public safety, Lee stressed that “when it comes to protecting the people, it’s always better to be overprepared than underprepared.” He called for heightened safety management during large gatherings such as Halloween festivities and the upcoming APEC summit in Gyeongju.

Following his remarks, the government announced plans to raise the crowd-control alert level to “caution” around October 31, in anticipation of large crowds in Seoul’s Itaewon and Hongdae districts.