President Lee calls for all-out efforts to boost housing supply
President Lee Jae Myung on Tuesday stressed the need to cut the time required for administrative procedures in building homes, calling for all-out efforts to boost housing supply. The president made the call during a Cabinet meeting as runaway housing prices persist despite the government's efforts to cool the market. "Stable housing is the foundation for practical improvements in people's…
President Lee Jae Myung convened a Cabinet meeting on Tuesday to emphasize the urgency of increasing housing availability in South Korea. The president stressed the need to expedite administrative procedures for constructing homes, as housing prices continue to soar despite government interventions aimed at stabilizing the market.
Lee highlighted a decline in housing construction permits and a lack of new land for real estate development over the past three years as key factors contributing to the housing supply crisis. To address this issue, the president called for immediate implementation of consistent market management policies and large-scale housing supply measures.
In response to the current challenges in the real estate market, Lee instructed government officials to make concerted efforts to boost housing supply. The focus would be on reducing the time required for land development preparation and expediting the granting of administrative permits for house construction, without being hindered by traditional practices.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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