At a press conference held at the Yeongbingwan guest house of Cheong Wa Dae on Sept. 18, President Lee Jae-myung responded to the reporter's question by saying, "As I recall, I said (the jeonse system) will disappear." He added, "I said it will disappear — when did I ever say it should disappear?" He went on, "In that case the question loses its meaning," adding, "I'll let that stand as my answer."
Lee made clear his commitment to expanding the real estate supply. "We will increase supply as quickly as possible through housing site development, including construction permits, as well as reconstruction, redevelopment and urban renewal," he said. "The Prime Minister's Office checks on it daily, and I receive weekly reports, identifying specific sites and confirming progress."
He also said, "We are expanding 'financing' as much as possible in areas where housing supply can be increased," predicting, "So supply will rise substantially." He added, "We will take every possible measure across 'regulation,' 'supply' and 'taxation,' taking everything into account, so the real estate market will gradually stabilize," and said, "In the meantime, we are also crafting and implementing detailed policies to address the difficulties faced by jeonse and monthly-rent tenants."
"Freeing Korea from the myth that real estate never loses and from being a real estate republic is this government's central task," he stressed. "Everyone tried and failed. But this government will definitely do it."
On the causes of the surge in property prices, Lee pointed to concentration in the greater Seoul area as the fundamental cause, noting, "Along with policy problems, the myth that real estate never loses is also a major cause." He added, "Looking at short-term causes, from 2022 — the year the Yoon Suk-yeol administration took office and the year Mayor Oh Se-hoon was elected — the number of permits and construction starts fell by half," and said, "Supply shrank by nearly half from then through 2025."
