South Korean Prime Minister Emphasizes Urgent Need for Real Estate Stability and Tax Reform

South Korean Prime Minister Han Seung-soo emphasized the urgent need for stabilizing the real estate market and rationalizing the tax system during a high-level government meeting on August 23. He stated that careful planning is essential for real estate tax and housing supply policies.

During the meeting held at the Prime Minister's residence in Jongno, Seoul, Han noted, "Tax reform and real estate issues are of significant public interest, and even minor changes in the system can have a substantial impact on people's lives."

He added, "We need to examine various aspects closely and consider how to swiftly implement the 2026 tax reform plan and housing supply measures in the metropolitan area, as well as address livelihood legislation."

Han stressed the importance of collaboration between the government and the ruling party, stating, "We must review and enhance key points together to improve the lives of our citizens, rather than pushing policies unilaterally. It is crucial to reflect the opinions of the party and the Blue House to develop practical solutions."

Regarding the upcoming regular National Assembly session, he mentioned, "The special committee on budget and settlement will kick off, followed by major parliamentary schedules, including government audits. I intend to use this as an opportunity to explain the content and intent of government policies to the public."

Han also called for close cooperation between the government and the ruling party during the National Assembly schedule, stating, "If the party can address the areas of public concern, it will greatly aid in effectively communicating the achievements of government policies."

He referenced the recent declaration of special disaster areas in parts of Geoje and Tongyeong, which were affected by heavy rainfall. Han assured that the government would make every effort to ensure that affected residents can quickly return to their daily lives, stating, "The economy should improve the lives of the people, and safety is essential for protecting their daily routines."