President Lee Jae Myung stated that his administration's efforts to stabilize the real estate market aim to eliminate inequitable advantages associated with investment and speculation, emphasizing that homeowners are not being coerced into selling their properties.
On the social media platform X, Lee emphasized that his policy objectives are focused on holding accountable those who profit from speculative actions.
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Lee made a statement the day following his expressed worry about the common practice in the market of providing loans to multiple property owners.
"While we protect those who own homes for living purposes, those who hold multiple homes for investment or speculation purposes without living in them cause harm to homeless young people and ordinary citizens," Lee says.
The president's remarks were met with disapproval from the primary opposing party, who accused the administration of exerting pressure on the real estate market.
Lee's comments constitute the most recent additions to a succession of social media updates concerning his perspectives on the intense property market.
“It is fair that they bear responsibilities and burdens corresponding to that impact”.
He has consistently expressed his commitment to ensuring stability within the housing market, contending that the escalating property values are imposing substantial hardships on the younger demographic and dissuading individuals from pursuing marriage and parenthood.
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Lee's statements are commonly understood as an indication that the government may reconsider the implementation of restrictions on loan renewals for individuals owning multiple properties once their current loans reach maturity.
Furthermore, Lee has inquired about the fairness of extending the maturity of current loans for individuals with multiple properties, suggesting a potential implementation of measures to limit these financial advantages to maintain stability in the real estate market.
In a communication on the social media website X, Lee emphasized the need for more stringent measures to control the rising housing prices, responding to dissatisfaction among potential homebuyers struggling to navigate restrictive lending policies in the Seoul metropolitan region.
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Lee's comments are commonly understood to suggest that the government may consider the possibility of imposing restrictions on loan renewals for individuals with multiple residential properties once their current loans reach maturity.
Currently, the government is implementing more rigorous mortgage restrictions on home acquisitions within the expanded Seoul region in an effort to temper the excessively hot property market. Criticism of the policy has arisen regarding its perceived fairness, particularly with regards to the ability of multiple homeowners to extend their loans through refinancing, a privilege not afforded to prospective home buyers navigating stricter regulations.
Cheong Wa Dae responded to the communication by stating that Lee's comments were made with the intention of emphasizing the necessity to evaluate the loan initiatives provided to numerous property owners.