President Lee orders swift, maximum housing supply

South Korean President Lee Jae-myung has ordered a comprehensive and rapid expansion of housing supply to address a critical shortage. Returning from a tour of the United States and South America, President Lee convened a lengthy meeting focused on the real estate and stock markets.

During the 7.5-hour session, which extended into the evening, the President stressed the importance of both the quantity and speed of housing construction. He noted that a persistent decline in housing supply since 2022 has created a "supply cliff." President Lee instructed the Prime Minister and relevant ministers to thoroughly reassess existing supply measures and consider the practical demands of the public.

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We must find ways to secure the maximum available supply and find all possible administrative, financial, and regulatory measures to ensure the swift realization of supply.

The President also urged officials to explore all available administrative, financial, and regulatory measures to accelerate housing delivery. He specifically directed ministries like Economy and Finance, and Land, Infrastructure, and Transport, to actively seek solutions. The meeting concluded with a directive for follow-up sessions within two to three days to review progress on financial and housing supply matters.

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The housing supply slump that has continued since 2022 has led to a supply cliff. To overcome this, supply and its speed are very important.