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On the 30th, President Lee Jae-myung announced that the government would establish a system for bulk purchasing undervalued homes in preparation for a potential sharp decline in the real estate market. He stated via X (formerly Twitter) that "the government has been instructed to prepare a system for bulk purchasing homes below a certain standard in anticipation of a collapse in housing prices due to early mass supply, suppression of speculative demand, and an increase in loan defaults and auctions due to high interest rates."
President Lee outlined plans to convert the falling prices of homes into public housing, amid concerns over a decline in housing prices due to interest rate hikes and supply expansion policies. He specifically warned those interested in real estate speculation about the possibility of interest rate increases by the Bank of Korea and urged caution regarding rising mortgage defaults and auction listings.
Additionally, President Lee expressed his commitment to expanding housing supply in the metropolitan area, emphasizing that the government would mobilize national capabilities to increase housing supply through financial and tax reforms for rapid provision. He argued that early expansion of housing construction in Seoul and the metropolitan area is the optimal means to overcome domestic shortages and the limitations of K-shaped growth, pledging to provide maximum incentives for early permits and construction.
President Lee also mentioned his focus on alleviating concentration in the metropolitan area, stating that he would promote stability in the real estate market through the early relocation of national agencies to Sejong and the swift construction of an administrative capital. He reaffirmed his commitment to dismantling real estate speculation as a people's sovereignty government and emphasized the need to correct unfair tax systems.