President Lee Jae-myung is pushing for an open debate to gauge public sentiment on the property market ahead of the July announcement of the tax revision bill. The plan is to gather opinions directly from a wide range of market participants — not only real estate experts but also genuine homebuyers, investors and licensed real estate agents — to craft comprehensive measures including tax reform.
Kim Yong-beom, head of the Presidential Office of Policy, described the recent property market situation as "challenging" at a debate hosted by the Kwanhun Club at the Korea Press Center on Tuesday. "We are preparing an open debate to hear diverse voices, including operators of mom cafes, in order to find reasonable measures," he said. The debate, to be hosted directly by President Lee, is expected to be held around the 15th of next month.
The debate is expected to cover a wide range of topics, including tax reform such as the property holding tax and capital gains tax, as well as expanding housing supply, lending regulations and measures to protect genuine homebuyers. A ruling party official explained, "It will literally be a marathon debate," adding, "It is part of President Lee's style of deliberative politics, which seeks to maximize public discussion before rolling out policy." Instability in the jeonse (a Korean lease system requiring a large lump-sum deposit instead of monthly rent) market and housing burdens for young people and newlyweds are also being mentioned as key agenda items. Regarding the property tax reform, Kim said, "We are running hundreds of simulations."
