"Demand-side measures have had a significant impact...
Supply plan is in its final stage"
Kim Yongbum, Chief Policy Officer at the Presidential Office, addressed President Lee Jaemyung's remarks during his presidential campaign that he would not use taxes to stabilize the real estate market, stating, "Saying that taxes will never be used under any circumstances is not a pledge. That would be a misunderstanding."
At a press briefing held at the Yongsan Presidential Office on the 20th, Kim responded to a question about whether President Lee still intends not to use real estate taxes, saying, "What President Lee meant was that he hopes the situation will not reach a point where taxes must be used to control housing prices." He added, "The stability of the real estate market and housing welfare are important; the means themselves should not be considered absolute." This implies that the government cannot rule out any measures if real estate prices become volatile.
Kim further emphasized, "When President Lee previously said he would not use taxes, I believe he meant that he would manage the situation so it does not become so chaotic as to require such measures." He reiterated that there should be no restrictions on the tools available to stabilize the real estate market. He continued, "The top priority of policy should be to ensure that the real estate market does not experience sharp rises or falls that could place a heavy burden on the economy, and to manage it in a stable manner."
He also stated that the real estate supply plan is in its final stages. Kim said, "The June 27 demand-side measures have been quite effective, so the Ministry of Land, Infrastructure and Transport is feeling some pressure." He continued, "We are discussing with the ministry the need to make the plan robust, and it seems the Ministry has come up with a fairly finalized proposal." He added, "We are now in the final stage."
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