Lee vows to eradicate ‘ruinous’ real estate speculation

President Lee Jae Myung vowed to use every available means to dismantle what he called “ruinous real estate speculation,” renewing his housing message immediately after announcing a cabinet reshuffle involving the ministry responsible for property policy.

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The 국민주권정부 will eradicate ruinous real estate speculation by any means necessary.

Lee said on X that the government would also correct “unfair and unreasonable tax policies” found to encourage property speculation. The statement marked his first real estate-related social media message in about a month.

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Unfair and unreasonable tax policies found to encourage real estate speculation will also definitely be corrected.

He also shared coverage of Morgan Stanley’s forecast that the Bank of Korea could raise interest rates to 3.5% in the first quarter of next year. “Those interested in real estate speculation should pay particular attention to this,” Lee wrote.

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Those interested in real estate speculation should pay particular attention to this.

On housing supply, the president promised to expand construction as quickly as possible. His plans include giving Seoul district mayors authority to approve developments of up to 500 homes. The government is scheduled to discuss its tax reform package at a Cabinet meeting on the first day of next month before submitting it to the National Assembly two days later.

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We will increase supply as quickly as possible, as if we were crazy about being unable to provide it.