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President Lee Jae-myung delivers opening remarks at a civil service innovation case presentation meeting held in Sejong Special Self-Governing City on the 2nd. / Yonhap News

President Lee Jae-myung stated on the 5th regarding real estate issues, "Even if it is disappointing, please be patient and give it a little more time. I would appreciate it if you judge based on the results."

On X, formerly Twitter, President Lee shared a post criticizing the government's real estate policies and wrote, "Structural problems that have persisted for decades, like real estate issues, can hardly be resolved overnight with a few short-term remedies."

President Lee emphasized, "There may be multiple causes, but one likely factor is that previous administrations failed to push necessary reform measures through to completion due to resistance and backlash. Curbing real estate speculation and stabilizing housing prices are essential national tasks that are exceptionally difficult, yet by no means impossible."

In another post that day, President Lee underscored, "I will strictly honor the promise to break free from the republic of real estate speculation. Difficult as it may be right now, we cannot allow the Republic of Korea to face three lost decades after playing a game of hot potato with real estate."

Diagnosing the causes of real estate issues, President Lee noted, "The sharp drop in construction permits centered around Seoul from 2022 to 2025 drastically reduced housing supply with a time lag, serving as the largest factor behind short-term housing price instability. Medium- to long-term factors include concentration in the capital region, excessive lending that encouraged housing speculation, and unfair tax systems."

He continued, "We will also supply public long-term rental housing for young adults and the middle class on a large scale at an early stage by utilizing surplus tax revenue. Approvals, permits, and construction starts have increased significantly for some time now. With new residential land development and rezoning of existing sites and buildings for residential use picking up pace, housing supply will expand considerably before long."

President Lee also wrote, "Korea has a globally high proportion of real estate assets and substantial household debt, so I urge everyone to closely observe capital flows toward productive finance and international base interest rate trends."

He reaffirmed, "Breaking free from the real estate republic is a national mission for the Republic of Korea. The Lee Jae-myung administration will firmly uphold its pledge to escape the republic of real estate speculation."

                                                                                                             Hong Sun-mi