South Korea's Lee orders swift follow-up on housing supply, financial measures

SEOUL — South Korean President Lee Jae-myung ordered officials late on Monday (Aug 3) to conduct follow-up reviews within two to three days on financial and housing supply measures, after a meeting on the country's property and stock markets, his office said.

Here are more details:

Lee said a housing supply shortfall that has persisted since 2022 had created a supply cliff, stressing that both the volume and speed of new supply were critical.

He instructed ministers to secure as much available housing supply as possible and explore all administrative, financial, fiscal and regulatory measures to speed up delivery.

Lee also called for a comprehensive review of existing housing supply policies and for officials to reflect public demand in implementing measures.

The meeting began at 3pm (2pm SGT) and ended at 10.30pm Seoul time, according to the presidential office. Lee held it shortly after returning from an 11-day overseas trip.

The announcement by Lee's office followed South Korea's finance ministry proposing tax-code changes on Monday that would raise the burden on multiple-home owners and owners of expensive properties, while expanding property-tax exemptions for certain owner-occupiers.

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