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South Korean President Lee Jae Myung has directed government officials to complete follow-up reviews of housing supply and financial measures within the next two to three days, underscoring the need to address a persistent housing supply shortage that has existed since 2022. During a high-level meeting on the country's property and stock markets, Lee instructed ministries to maximise available housing supply and examine administrative, financial, fiscal and regulatory interventions to expedite project delivery. The directions came shortly after the finance ministry proposed amendments to the tax code that would increase the tax burden on owners of multiple and high-value homes while expanding property tax exemptions for certain owner-occupiers.
South Korean President Lee Jae Myung has instructed government officials to complete follow-up reviews of housing supply and financial measures within two to three days as the administration steps up efforts to address the country's prolonged housing shortage. The directions were issued during a high-level meeting on South Korea's property and stock markets held after the President's return from an overseas visit.
According to the presidential office, Lee said the housing supply shortfall that has persisted since 2022 had resulted in a "supply cliff", making both the volume of new housing and the speed of delivery critical to stabilising the market.
The President directed relevant ministers to secure as much available housing supply as possible and to examine every available administrative, financial, fiscal and regulatory measure that could accelerate the delivery of new homes. He also called for a comprehensive review of the government's existing housing supply policies to ensure that future implementation reflects public demand.
The meeting commenced at 3 pm local time and concluded at 10:30 pm, lasting more than seven hours. It was convened shortly after Lee returned from an 11-day overseas trip, highlighting the government's focus on housing and broader property market conditions.
The presidential office said officials had been instructed to complete the follow-up assessment of the proposed measures within the next two to three days, indicating that further policy decisions could follow once the review is completed.
The President's directions came after South Korea's finance ministry proposed amendments to the country's tax code earlier this week. The proposed changes would increase the tax burden on owners of multiple residential properties and high-value homes while expanding property tax exemptions for certain owner-occupiers.
The proposed tax revisions form part of the government's broader efforts to address conditions in the residential property market alongside measures aimed at increasing housing supply. While the presidential office outlined the government's immediate priorities, it did not announce any additional policy measures or provide details on the scale of new housing supply expected under the proposed initiatives.
The latest developments reflect the South Korean government's continued focus on balancing housing availability with fiscal and regulatory measures as it seeks to address supply constraints that have persisted for several years.
Source - Reuters
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