Moon suggests launch of supervisory body to monitor real estate market
Updated: 2020-08-10 17:04:23 KST
President Moon Jae-in has called on officials to review the possibility of setting up a supervisory body to monitor the effectiveness of the government's policies on the real estate market.
In a meeting with his top aides on Monday, Moon vowed continued measures to get home prices under control as the administration's most pressing task when it comes to people's livelihoods.
We will continue to introduce new measures because the recent ones alone will not be enough. We will also consider launching a supervisory body to review the effectiveness of these policies on the real estate market.
The president's remarks come amid mounting public criticism over housing prices that have continued to rise despite the government's measures to cool the property market.
Those policies include a boost in supply and stronger protections for tenants' rights, as well as tax hikes on people who own multiple homes.
Moon stressed that that it's natural for the government to intervene in the property market, and that although South Korea has raised property taxes, its rates are still among the lowest globally.
The president also said he will look at further measures to reduce the tax burden on people who own just one, low-to-mid priced home and to improve housing for the underprivileged.
We need to change real estate into a part of residential benefits, not an object for speculation. The real estate market is beginning to stabilize, and the rise in prices also appears to be cooling. We expect this trend to speed up when the impact of the policies kicks in.
Moon said that he is aware of public concerns and vowed to reduce confusion in the market.
He said the government will work to realize so-called "residential justice" stressing the administration's determination to end the era of real estate speculation.
Kim Min-ji, Arirang News.