PRESIDENT MOON ON REAL ESTATE MEASURES

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As series of real estate measures fail to stabilize property prices, President Moon Jae-in on Thursday urgently summoned Land Minister Kim Hyun-mee to the presidential office. He instructed the minister to raise the tax burden on owners of multiple houses and those who own homes for speculative reasons. He also called for additional measures at any time if they are deemed necessary.

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After receiving an emergency briefing from Land, Infrastructure and Transport Minister Kim Hyun-mee, President Moon Jae-in ordered stringent real estate measures. He asked officials to seek ways to raise tax burdens on people who possess homes for speculative investments, including owners of multiple properties, in response to high public consensus regarding the issue. The South Korean leader called on the government to find ways to decrease tax burden on newlyweds, young people as well as first time home purchasers, and also increase housing supply for these demographics. Underlining his determination to rein in home prices by any means, the president urged the land minister to draw up additional measures any time. Prior to receiving Kim's briefing, Moon also ordered officials to review pushing for the revision of the Comprehensive Real Estate Holding Tax Act as a top priority task for the new National Assembly. Cheong Wa Dae explained the land ministry will soon map out concrete plans to follow up on these instructions. The top office also issued a strong advisory to its staff members. Presidential chief of staff Noh Young-min strongly recommended officials with the rank of secretary or above sell any additional homes they own within this month. The chief of staff has spoken with all officials who own multiple houses and he himself has put a property in his hometown Cheongju up for sale. Noh earlier said he would sell his apartment in Seoul's Banpo area, but then decided to sell his other apartment in Cheongju. Eventhough the chief of staff issued a similar order last December, there are still 12 presidential secretaries who own more than 2 houses.