The South Korean President's Office said that President Lee Jae-myung ordered officials to conduct a follow-up evaluation of financial and housing supply measures within two to three days on Monday evening. Earlier, the South Korean authorities held a conference on real estate and stock market issues. The details are as follows: Lee Jae-myung said that the housing supply shortage that has continued since 2022 has formed a “supply cliff,” and emphasized that the scale and speed of new housing supply is critical. He directed ministers to ensure the supply of available housing to the extent possible and explore all administrative, financial, fiscal and regulatory measures to speed up the supply of housing. Lee Jae-ming also called for a comprehensive evaluation of the current housing supply policy and for officials to reflect public demand when implementing relevant measures. According to the President's office, the meeting began at 3 p.m. local time in Seoul and ended at 10:30 p.m. Before Lee Jae-myung's office released the above news, South Korea's Ministry of Finance and Economy proposed a tax law amendment plan on Monday to increase the tax burden on multiple property owners and high-priced property holders, while also expanding real estate tax relief for some self-occupied owners.

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