President Lee Jae-myung said on the 21st that "the myth of Gangnam's unbeatable property market and the republic of real estate speculation will now become a thing of the past." The remarks came after the government unveiled a "housing stability plan" to supply a total of 1.19 million public homes by 2030, and are seen as reaffirming his resolve to stabilize the property market through a rapid expansion of supply.
Lee, who is traveling in the United States and Mexico for the U.N. General Assembly, wrote the comment on X, formerly Twitter, while sharing a post outlining the housing stability plan the government announced the previous day. The plan centers on supplying an average of 240,000 public homes a year through 2030, including public presale units and rental housing, and on introducing a "universal public rental" scheme — public rental housing open to a broader range of income brackets rather than only low-income households, with larger floor areas — to accommodate more diverse needs. For newly built units, the government will increase the share of mid-sized homes in preferred locations such as areas near subway stations, while upgrading existing aging housing through rebuilding and other measures.
Sharing the article, Lee stressed that the "Gangnam is unbeatable" myth would become a thing of the past, adding that "it must be so." The remarks underscored his intention to press ahead with a faster expansion of supply and to pursue the policy goal of breaking away from a "real estate republic" without wavering.
At a news conference on the 18th, Lee also said that "escaping the republic of real estate speculation is this government's central task," adding, "This government will do it." He said the government would "expand supply as quickly as possible, including through building permits, land development, rebuilding, redevelopment and urban renewal," and stressed that it would "surely achieve price stability through firm and swift implementation of supply, regulatory and tax policies, and through ample communication with stakeholders."
Despite Lee's hard-line stance, however, property prices have risen for an extended stretch. Apartment prices in Seoul have climbed for 84 consecutive weeks since the first week of February last year. Listings have also dried up as requirements such as owner-occupancy obligations have come to the fore, fueling a shortage of jeonse (a lump-sum deposit lease) and monthly-rent housing.
