Lee Vows Measures To Stabilize Property Market, Curb Speculation

According to Yonhap, President Lee Jae Myung said the government will roll out measures on both the supply and demand sides to stabilize South Korea's property market and curb speculative behavior. At a Cabinet meeting, Lee said windfall gains from real estate, aided by illegal practices and legal loopholes, have become the main force eroding fairness and common sense and weakening national unity. He also said the property market has deepened wealth inequality, household debt and the pain and isolation felt by young people. Lee said the government will quickly introduce supply-side measures, prepare broader steps to help people who genuinely need homes and revise the property tax system in a way that is fair, rational and aligned with public expectations. He also said he will lead a real estate policy debate on Thursday, where he plans to listen to public views and develop workable measures. Separately, Lee urged all-out efforts to protect people from ongoing monsoon rains and the severe heat waves expected to follow, and said last year's monsoon damage recovery rate reached 93.7% before this year's season, the highest in 10 years.