President Lee: “Housing supply to normalize soon”

[Financial News] President Lee Jae-myung said on the 11th that “the permitting gap in Seoul and the capital region over the past three years has caused some disruption to housing supply, but housing supply will normalize soon.”
The president wrote on X (formerly Twitter) that “housing construction permits and starts, which plunged for inexplicable reasons after the 2022 presidential and local elections, are now recovering in earnest.”
He added, “Please also pay attention to interest rates, the number of auctions, mortgage delinquency rates, the normalization of the temporary gap in permitting, the pace and volume of housing and residential land supply, and tax normalization for the sake of fairness.”
The X post was formatted as a reply to a post by a user saying, “We must ensure that loans to ordinary people who bought homes trusting in the country are not restricted.”
In response, President Lee said, “Please let me know whether you are saying this without knowing about the change, despite my instruction that those who had already purchased homes be treated according to the original agreement, or whether there are still cases that have not been corrected. If the latter, I will take steps to make loans available.”

[email protected] Choi Jong-geun Reporter