President Lee Jae-myung emphasized on November 3 that the supply of apartments in Seoul is rapidly increasing, while transaction volumes are declining and actual transaction prices are falling. He urged the government to accurately convey these market conditions to the public.
During a Cabinet meeting held at the Blue House, President Lee noted, "Transaction volumes are decreasing very rapidly," and pointed out that "actual transaction prices in major areas are continuing to drop."
He added, "The decline is surprisingly steep, although there are regions where this is not the case," highlighting the differences in price trends across various areas.
President Lee stressed the importance of making this accurate data accessible to the public, stating, "It is crucial that our citizens can directly access this information." He emphasized that the government should work to ensure that citizens can assess market conditions based on objective data.
He expressed concern that while the government regularly releases statistical data, it may not be effectively communicated to the public.
President Lee argued that there are instances where those benefiting from rising housing prices selectively use statistical data to steer the market in one direction.
He stated, "It is most desirable for real estate prices to stabilize; both skyrocketing and plummeting prices are undesirable."
While acknowledging that no one can guarantee future housing prices, he reiterated that domestic housing prices are abnormally high. He asserted, "It is clear that we must shed the stigma of being a 'republic of real estate speculation' for the future of South Korea."
However, he noted that price trends do not solely move according to government will.
President Lee concluded, "It is a key role of the government to help citizens respond based on accurate information and trust in the market."
* This article has been translated by AI.
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