Presidential office to hold 'Real Estate National Grand Debate' to discuss policy reforms

South Korea's presidential office announced it will convene a "Real Estate National Grand Debate" on March 23, with President Lee Jae-myung presiding. The event aims to foster a national dialogue on real estate policy, seeking to incorporate diverse public and expert opinions into future policy directions.

Leading up to the main debate, the Ministry of Land, Infrastructure and Transport, the Financial Services Commission, and the Ministry of Economy and Finance will hold separate public discussions from March 14-16. These preliminary sessions will focus on supply, finance, and taxation, respectively, gathering input from experts and citizens.

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We do not believe that real estate policy can be completed solely by the government's judgment. What is needed now is a process where the public and experts create solutions together, rather than the government unilaterally presenting answers.

The presidential office emphasized that real estate policy cannot be solely determined by the government. "What is needed now is a process where the public and experts create solutions together, rather than the government unilaterally presenting answers," stated Kim Yong-beom, Senior Secretary to the President for Economic Affairs.

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Housing is the issue most directly connected to the lives of the people. The burden and anxiety regarding housing prices, rent, loans, and homeownership are difficulties many citizens experience daily.

The initiative comes in response to persistent increases in housing prices. According to the Korea Real Estate Board, Seoul's apartment prices have seen a continuous rise for 74 consecutive weeks since the first week of February last year. Kim acknowledged the public's anxieties regarding housing costs, rent, loans, and homeownership, stating, "Housing is the issue most directly connected to the lives of the people... The government is taking these market conditions seriously and is reviewing policies with the stability of people's housing as the top priority."

Discussions are expected to cover a broad spectrum of real estate issues, including potential reforms to property taxes, such as holding taxes and transaction taxes. The government also plans to establish an online platform to collect opinions from citizens unable to attend the debates, ensuring that all voices are considered in the policy-making process.

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We are also reviewing reasonable improvement plans for taxation, including holding taxes and transaction taxes, based on research results and overseas cases.