South Korean President Lee Jae-myung said at a meeting with staff on Thursday that real estate is an important issue facing South Korea, profoundly affecting all aspects of society, and that the housing bubble has reached a level that cannot be ignored. “Social resources have long been excessively concentrated in the real estate sector, which has exacerbated social polarization and inequality,” Lee Jae-myung said. He pointed out that if this situation continues, South Korea, like other countries, may face “20 or 30 years lost.” Lee Jae-myung said that South Korea must use all available means and capabilities to resolve the real estate issue. This problem is like a “time bomb, threatening people's lives and the future of the country.” South Korea must improve supply, tax, and financial policies to normalize the market and promote the restoration of stability in the housing market.

South Korean President Lee Jae-myung said at a meeting with staff on Thursday that real estate is an important issue facing South Korea, profoundly affecting all aspects of society, and that the housing bubble has reached a level that cannot be ignored. “Social resources have long been excessively concentrated in the real estate sector, which has exacerbated social polarization and inequality,” Lee Jae-myung said. He pointed out that if this situation continues, South Korea, like other countries, may face “20 or 30 years lost.” Lee Jae-myung said that South Korea must use all available means and capabilities to resolve the real estate issue. This problem is like a “time bomb, threatening people's lives and the future of the country.” South Korea must improve supply, tax, and financial policies to normalize the market and promote the restoration of stability in the housing market.