October 15 Measures Aim to Curb Rapid Housing Price Increases
Cautious Stance on Tax Reform Direction
"No Specific Announcements at This Time"
The Office of the President stated that the October 15 real estate measures are intended to curb the rapid rise in housing prices, and emphasized that the time gained by these measures will be used to thoroughly prepare and implement supply-side policies.
Kim Namjun, spokesperson for the Office of the President, said during a briefing at the Yongsan presidential office, in response to a question about Policy Chief Kim Yongbeom's Facebook post on the previous day (October 19), "This is a clear indication of our commitment to establish and firmly implement supply-side measures." In his Facebook post, Chief Kim pledged, "Within the time secured by the June 27 and October 15 measures, the government and local governments will work together and focus all their capabilities on expanding supply."
Spokesperson Kim further explained the latest real estate measures, saying, "The public understands that real estate policy is not something that can be resolved overnight. However, we have announced this policy in order to curb the current rapid increase in housing prices."
He also stated that a variety of policies would be pursued to ensure that real estate does not remain the only investment option. Spokesperson Kim said, "The Lee Jaemyung administration is wary of real estate becoming the sole investment vehicle. Instead, we are considering ways to create a more virtuous cycle for our economy by diversifying investment channels, such as the stock market. In this regard, I would like to highlight that various policies are being introduced."
Regarding the direction of real estate tax reform, the spokesperson took a cautious stance. Kim said, "There is nothing specific to announce at this point," and added, "Please refer to the Policy Chief's remarks on property holding tax as a reference."
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