Lee vows to root out speculation to stabilize housing market

President Lee Jae Myung said Tuesday that the government will adopt various measures on both the supply and demand sides to stabilize the property market and root out speculative behavior.

Lee said at a Cabinet meeting that windfall profits from real estate, helped by illegalities and exploiting legal loopholes, have become the "biggest culprit" in destroying fairness and common sense and undermining national unity.

He also blamed the property market for exacerbating wealth inequality, household debts and young people's pain and isolation.

"Only when the real estate problem is normalized can resources be reinvested productively and social dynamism be restored," he said during the televised meeting at the Blue House. "Then can we find a path toward resolving conflicts caused by polarization."

The government will swiftly roll out supply-side measures, draw up comprehensive measures to support people genuinely in need of a home, and revise the property tax system in a way that is fair and rational and in line with people's expectations, Lee said.

He also previewed Thursday's real estate policy debate, which he plans to lead himself, saying he will listen carefully to the voices of the public and devise achievable measures.

Lee used the Cabinet meeting to urge all-out efforts to protect people from the ongoing monsoon rains and the severe heat waves that are expected to follow.

Citing data that the damage recovery rate following last year's monsoon season came to 93.7 percent before the start of this year's season, he thanked each ministry and local government for their work, noting it was the highest figure in the last 10 years.

Yonhap