President Lee Jae-myung said on the 1st, "Recently, there have been some confusion and chaos due to housing and real estate issues," adding, "Since Korea's investment means have been limited to dwellings or real estate, dwellings have increasingly become an investment or speculation tool, leading to residential instability."
On this day, President Lee mentioned the structural issues of the domestic asset market during the opening remarks at the 28th Cabinet meeting held at the Presidential Office in Yongsan, Seoul.
He noted, "Fortunately, with the recent normalization of the stock and financial markets, it seems that alternative investment means are gradually taking shape," and said, "I believe we must maintain this trend."
He conveyed concerns from both inside and outside the market regarding the concentration of real estate as the means of asset formation in Korea, positively evaluating the recent recovery of the stock market as an emerging 'alternative means.'
The government stirred the real estate market by introducing an aggressive demand suppression measure titled 'Restriction on housing mortgage loans exceeding 600 million won in the metropolitan area and regulated zones' to manage the recent surge in home prices in Seoul and increasing household debt. His remarks are interpreted as suggesting that the instability in the real estate market is linked to broader asset structures rather than merely supply issues, indicating the need for transparency in the financial market.
At the meeting, President Lee also emphasized the importance of preparations for the heat wave and respecting the legislative body.
President Lee said, "The heat wave is starting, but fortunately, there haven't been significant damage reports so far," adding, "However, since we do not know how the situation will develop, I hope you will make thorough preparations for both the monsoon and the heat wave." He continued, "Vulnerable elderly groups, such as those living in goshiwons, also face crises during heat waves," urging that they be managed with special attention.
He remarked, "All power originates from the people, primarily through elected authority, reflecting people's sovereignty. No matter how high a position or power we may seem to hold outwardly, appointed power must respect elected power," and emphasized, "The National Assembly is an institution that directly receives power delegated from the people, so it would be good for the cabinet members to show respect for the powers that are directly elected when they go to the National Assembly."
At the end of his opening remarks, President Lee expressed gratitude, saying, "This is a time of transformation, and I thank you all once again for doing your best in such difficult circumstances," and urged, "Since we are in a position to fulfill important responsibilities in this large national community of 52 million people living in Korea, let us not forget for a moment that each of our individual actions has a critical impact on the fate of our nation and the lives of the 52 million citizens, and do your best."