Cheong Wa Dae: "Lee's 'leveling' of home prices was an explanation of price trends... We take the situation seriously"

[Financial News] Cheong Wa Dae said on the 18th, "President Lee Jae Myung's remark during the press conference that it was 'a kind of leveling' was an explanation of price trends."
In a media notice issued that day in the name of the spokesperson's office, Cheong Wa Dae stressed, "The government takes seriously the situation in which the burden on the public has grown due to rising home prices in Seoul outside the Gangnam 3 Districts (Gangnam-gu, Seocho-gu, and Songpa-gu)."
It explained, "The main causes are a particularly severe shortage of new housing in Gangbuk amid accumulated supply shortages, along with demand concentrating in mid- and low-priced homes, which are less affected by tax reforms focused on ultra-high-priced homes and borrowing limits."
It added, "The government will pursue supply measures swiftly and carefully address measures for jeonse and monthly rentals, including expanding public rental housing."
Earlier that day, at his seventh press conference since taking office, held at the Yeongbingwan State Guest House at Cheong Wa Dae, President Lee discussed the recent real estate market and said, "The fortunate thing is that declines have recently continued to spread to areas including Gangnam District. Of course, prices are rising in outlying areas."
He also said, "Before, it was vertical. Gangnam District was at the top, while other places were lower, but it seems that a kind of leveling process is underway, with this area (Gangnam District) coming down and this area (areas outside Gangnam District) rising slightly."
Afterward, as some raised concerns that the remarks amounted to a positive assessment of rising home prices in areas outside Gangnam District, the explanation was interpreted as indicating that they were not made with that intent.

[email protected] Choi Jong-geun Reporter