President Lee Jae-myung stated on July 23 that "the phenomenon of a single, high-value property has caused serious issues in our society," adding, "Because we do not distinguish between residential and speculative properties, significant problems have arisen from a small loophole."
During the 'National Real Estate Policy Forum' held at KBS in Yeouido, Seoul, President Lee responded to a comment from Jeong Se-eun, a professor at Chungnam National University, who argued that policies should focus on the bottom 50% of the population without housing.
He explained, "The intention of the policymakers at the time was to respect and protect the principle of one household, one home. As a result, properties were treated the same regardless of their price, leading to a situation where individuals could efficiently purchase one property and reap investment benefits."
He emphasized, "The lack of distinction between residential and investment properties has led to significant issues arising from a small loophole."
He further noted, "In South Korea, the pressure for investment and speculation is so high that even a small gap can lead to a major explosion of issues. This seems to be one of the problems we face."
President Lee remarked, "The prices of leading apartments tend to pull up other prices, creating a 'matching' effect. One idea to regulate this is to impose restrictions on ultra-high-value properties. By doing so, we hope to gradually reduce the pressure in the market."
During the 'National Real Estate Policy Forum' held at KBS in Yeouido, Seoul, President Lee responded to a comment from Jeong Se-eun, a professor at Chungnam National University, who argued that policies should focus on the bottom 50% of the population without housing.
He explained, "The intention of the policymakers at the time was to respect and protect the principle of one household, one home. As a result, properties were treated the same regardless of their price, leading to a situation where individuals could efficiently purchase one property and reap investment benefits."
He emphasized, "The lack of distinction between residential and investment properties has led to significant issues arising from a small loophole."
He further noted, "In South Korea, the pressure for investment and speculation is so high that even a small gap can lead to a major explosion of issues. This seems to be one of the problems we face."
President Lee remarked, "The prices of leading apartments tend to pull up other prices, creating a 'matching' effect. One idea to regulate this is to impose restrictions on ultra-high-value properties. By doing so, we hope to gradually reduce the pressure in the market."
* This article has been translated by AI.
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