Prime Minister Kim Min-seok said recently about President Lee Jae-myung issuing daily social media (SNS) messages related to real estate, "It is to deliver the message that we will consistently maintain the real estate policy stance for the more than four years remaining in the term."
On the 2nd, Kim told reporters, "Regardless of whether past administrations were progressive or conservative, I believe one of the main reasons (real estate policy failed) was that they did not keep the original policy stance they started with."
He said, "Our administration has five principles on real estate: 'We will fundamentally resolve the issue through balanced regional development,' 'We will continue stable supply,' 'For excessive demand that does not align with common sense, we will correct the market through appropriate, rational methods including finance,' 'As for real estate measures through taxation, our stance is to avoid using them if possible, but as with any general policy, we do not exclude any option,' and 'We will consistently implement the positions stated over the past six months.'"
Kim said, "You will know that the government used certain demand-control measures related to finance to curb the overheating of the real estate market early after the administration took office, and that they yielded certain effects at a certain time," but added, "However, because the government did not expect that alone to solve the problem, we prepared practical and sustained supply policies."
He went on, "We recently released that we will substantially increase supply in the greater Seoul area based on construction starts rather than permits," adding, "In this regard, we made clear the intent that we can employ appropriate demand-suppression measures we deem reasonable—(including those used in the past)—as much as needed going forward."
Kim said, "I think it is fortunate that the phenomenon of funds crowding only into real estate shows the possibility of being gradually corrected through a degree of normalization in the stock market," and added, "The president's recent concentrated SNS messages are to reinforce the message, 'I hope you do not expect this stance to change going forward.'"