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President Lee Jae-myung vows to end real estate speculation
President Lee Jae-myung has declared a national commitment to eradicating real estate speculation through comprehensive financial and tax reforms. Following a cabinet reshuffle that included the appointment of Hong Ji-sun as the Minister of Land, Infrastructure and Transport, the President emphasized that the government will mobilize all resources to expand and accelerate housing supply.
To boost supply, the administration plans to incentivize early construction and permit processes, including granting permit authority for projects under 500 units to district heads. The President also addressed market stability, noting that while the government may implement targeted lending increases for young people and actual homeowners, it is also monitoring rising mortgage delinquencies and auction volumes.
In anticipation of potential market volatility, the President instructed the preparation of a system to mass-purchase housing below certain price thresholds to stabilize the market if prices crash. Additionally, the President highlighted the potential for interest rates to reach 3.5% in the first quarter of next year, signaling that rising rates may act as a natural brake on house price increases.
Entities
Bank of Korea · Hong Ji-sun · Lee Jae-myung · Ministry of Land, Infrastructure and Transport
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] President Lee Jae-myung vowed to eliminate real estate speculation through financial and tax reforms. www.tfmedia.co.kr · www.mbn.co.kr
- [● 3 SOURCES] A system is being prepared for the government to mass-purchase housing to stabilize the market in case of a price crash. www.tfmedia.co.kr · www.mbn.co.kr
- [● 2 SOURCES] The President noted that interest rates are expected to reach 3.5% in the first quarter of next year. www.tfmedia.co.kr
- [● 2 SOURCES] The government plans to accelerate housing supply by granting permit authority for projects under 500 units to district heads. www.tfmedia.co.kr
- [○ 1 SOURCE] Hong Ji-sun, formerly the second vice minister of Land, Infrastructure and Transport, has been appointed as the new Minister. www.mbn.co.kr