South Korea's Lee orders swift follow-up on housing supply, financial measures
The country’s president says new supply is critical as the housing shortage has created a supply cliff
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[SEOUL] South Korean President Lee Jae-myung ordered officials late on Monday (Aug 3) to conduct follow-up reviews within two to three days on financial and housing supply measures, after a meeting on the country’s property and stock markets, his office said.
Lee said a housing supply shortfall that has persisted since 2022 had created a supply cliff, stressing that both the volume and speed of new supply were critical.
South Korea’s housing market has also battled runaway prices which, the country’s president previously said, hinder young people from buying homes.
Lee instructed ministers to secure as much available housing supply as possible and explore all administrative, financial, fiscal and regulatory measures to speed up delivery.
Lee also called for a comprehensive review of existing housing supply policies and for officials to reflect public demand in implementing measures.
The meeting began at 3 pm or 0600 GMT and ended at 10.30 pm Seoul time, according to the presidential office. Lee held it shortly after returning from an 11-day overseas trip.
The announcement by Lee’s office followed South Korea’s finance ministry proposing tax code changes on Monday that would raise the burden on multiple-home owners and owners of expensive properties, while expanding property tax exemptions for certain owner-occupiers. REUTERS
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