President Lee: “Seoul apartment listings are rising and transaction volume is falling ... accurate data must be provided”

[Financial News] President Lee Jae Myung said on the 3rd, regarding the real estate market, “I think it may be important to clearly communicate this accurate data so our people can access it directly,” urging the government to properly explain market data. His view is that, as apartment listings in Seoul increase and transaction volume falls, those who benefit from rising home prices are using only part of the statistics to push the market outlook in one direction.
In his opening remarks at the 47th Cabinet meeting, which he chaired that day at Cheong Wa Dae, President Lee said, “There are various things being said about the outlook for the real estate market, particularly housing prices in the Seoul metropolitan area,” adding, “There are also people becoming concerned about a collapse.”
President Lee said, “Apartment listings in Seoul are increasing rapidly right now, aren’t they? And transaction volume is falling very rapidly. Actual transaction prices in major areas are continuing to fall. They are falling to a surprising degree,” he said. He added, “Of course, there are also areas where that isn’t the case.”
President Lee stressed, “It is clear that housing prices in Korea are abnormally high, and that, for the sake of Korea’s future, we must shed the stigma of being a republic of real estate speculation.” He went on to say, “One thing the government can do is properly explain objective data.”
President Lee pointed out that those who benefit only when housing prices rise are, in some respects, using only part of the data to steer the market in one direction. He continued, “It is most desirable for real estate prices to stabilize, but neither a sharp rise nor a sharp fall is desirable,” adding, “A key role of the government is to enable people to respond to market conditions based on accurate information.”
On cybersecurity, President Lee said, “Recently, hacking attacks exploiting security vulnerabilities have been occurring one after another at home and abroad,” adding, “We must establish a comprehensive prevention system to confront a cybersecurity crisis that has expanded to the point of having a profound impact not only on people’s daily lives but also on the national economy and security.”
He continued, “We need to establish a system that can detect, disseminate information about and respond to signs of attacks on vulnerabilities in advance,” and said, “I ask that security vulnerabilities in major public services closely connected to people’s lives, as well as in critical national infrastructure such as information and communications, energy and finance, also be addressed without fail.” In particular, he said, “We also need to discuss establishing a pan-government body covering both the public and private sectors,” and urged the government to “actively consider forming a strong and effective cybersecurity czar body that can centrally coordinate the security functions currently scattered across different entities.”
Addressing investigative agencies, he said there were concerns about whether the separation of investigative powers and changes to the judicial system would “work properly.” Referring to “crimes committed by abusing power or position, or financial crimes that harm many people,” President Lee said, “People not only have questions about whether these crimes are properly investigated and punished, but also have many concerns.” He added, “The role of the investigative authorities must be rigorous,” stressing that “a forceful effort is needed to dispel the public’s distrust and concerns.”
On the spread of disinformation, he said, “Society is becoming too polarized. The middle is gradually disappearing,” adding, “Incitement based on fake news is becoming a highly effective tool.” Citing cases in which false information is systematically spread to profit from clicks or cause social disruption for political purposes, President Lee said, “The social harm is so great that I think a strong response is needed.”
President Lee also called for a review of eligibility criteria for support and the implementation status of public services closely connected to people’s lives. He said, “The national community has a responsibility to look into the difficulties faced by the socioeconomically vulnerable and carefully prepare support measures for them,” while adding, “The principles of fairness and reasonableness must also be taken into account throughout that process.” He went on to urge, “If there is any irrationality or unfairness that is difficult to understand from the public’s perspective, it must be addressed swiftly.”
Regarding follow-up measures to the Inspection of State Administration, he said, “Please immediately reflect valid points in policy,” adding that matters directly affecting people’s livelihoods “must be responsibly managed through to the completion of follow-up measures.” On next year’s budget bill, he said, “Through bold innovation and investment, we will secure sustainable future growth engines and ensure that all people share in the benefits, focusing on easing polarization and inequality.”

[email protected] Choi Jong-geun Reporter