Lee Calls for Extraordinary Solutions... Second Intensive Real Estate Policy Review

President Lee to Hold Second Closed-Door Review Meeting on August 7
Reports on Project Plans for Third-Generation New Towns and Sites from January 29 Measures
First Round of Reports Effectively Rejected; President Orders Solutions That Break Pas

The focus of the second real estate policy review meeting, which President Jae-myung Lee will preside over on August 7, following the meeting held on the 3rd, is expected to be on accelerating supply and promoting innovation. The meeting will center on finding ways to eliminate bottlenecks such as administrative procedures, regulations, and funding obstacles for each site, with the goal of advancing both the groundbreaking and move-in timelines.

President Lee Jae-myung is speaking at the Senior Secretary Meeting held at the Blue House on August 6, 2026. Photo by Yonhap News Agency

According to the Blue House, President Lee will preside over the second real estate policy review meeting this afternoon behind closed doors. This meeting follows his return from a 7-night, 11-day overseas trip to San Francisco, three South American countries, and Germany, upon which he immediately chaired the real estate and stock market review meeting for 7 hours and 30 minutes—from 3:00 p.m. to 10:30 p.m. on August 3, right after his arrival at around 11:30 a.m.

A government official explained, "This meeting will specifically revisit the issue of housing supply, which was among the key topics in the first meeting on August 3, and receive supplementary measures from the relevant ministries." The review meeting is said to include the participation of Vice Prime Minister for Economy and Minister of Economy and Finance Yooncheol Koo, Minister of Land, Infrastructure and Transport Yoondeok Kim, as well as other ministerial and working-level officials.

It has been reported that the real estate proposals submitted in the previous meeting failed to meet the President’s expectations. A ruling party official noted, "Practically all the joint reports presented by the ministries during the first meeting were rejected." The official added that, beyond simply listing already planned supply projects and expected volumes, the President requested a detailed analysis of business delay causes by site and called for new actionable plans showing how much the construction schedule could be shortened.

The top priority for review is existing public housing sites, such as the third-generation new towns announced during the Moon Jae-in administration. At a national real estate policy forum on July 23, President Lee criticized the excessively lengthy timelines of these public housing projects and revealed he was considering ways to reduce the period, often as long as 60 months, to less than half. He indicated that if necessary, rules would be changed and sequential administrative procedures would be carried out in parallel to save time.

The meeting will also review sites included in the "Measures to Expand and Accelerate Urban Housing Supply" announced by the Ministry of Land, Infrastructure and Transport on January 29. President Lee believes that overcoming site-specific obstacles—who will resolve them, by when, and by what means—will determine the success or failure of the supply initiative, beyond simply achieving announced target volumes. At the time, the government pledged to supply a total of 60,000 housing units in the metropolitan area by utilizing underutilized urban sites and aging public facilities, such as 10,000 units in Yongsan International Business District, 9,800 units each for Gwacheon Racecourse and the Counterintelligence Command site, and 6,800 units in Taereung Country Club. However, in Gwacheon, solutions for transportation and relocation of facilities must still be addressed, while in Taereung Country Club, challenges such as the World Heritage Impact Assessment and resident opposition remain significant hurdles.

Identifying additional potential sites is also one of the main agenda items. The government plans to broadly review sites that were not included in the final list announced on January 29 due to inter-ministerial disagreement, opposition from local governments, or pending public institution relocations—including station areas and quasi-industrial zones. For new sites, the criteria will not only be the supply volume but also whether transportation, jobs, and infrastructure can be developed in tandem.

Policy chief Yongbum Kim and Senior Secretary for Political Affairs Ikpyo Hong are seen conversing on August 6 during the heatwave and drought response status meeting chaired by President Jae-myung Lee at the Central Disaster and Safety Countermeasures Headquarters in the Government Seoul Office Building. 2026.8.6 Yonhap News Agency

President Lee has repeatedly expressed his intent to personally inspect sites available for supply. He has signaled a willingness to review potential sites from a fresh perspective, even when relevant ministries deem development difficult based on existing regulations and precedents. At the real estate policy forum last month, he said, "I'm considering touring the metropolitan area by helicopter" and added, "I intend to survey every possible location."

It is also reported that President Lee has continued to emphasize the need for a supply policy that breaks from past practices. On August 6, Blue House Senior Secretary for Public Relations Ki-hong Sung stated on CBS Radio, "The President himself is actively addressing the administrative and regulatory hurdles that have hindered previous measures," and added, "He is calling for extraordinary solutions to secure the supply volume."

Meanwhile, as President Lee continues to call for comprehensive supply measures, the timing of the government's official policy announcement remains somewhat fluid. The Ministry of Land, Infrastructure and Transport had initially considered announcing additional supply measures around mid-August, but there are now indications that ministries may need more time to complete supplementary work. The Blue House also stated that both the specific content and timing of the supply measures have yet to be determined.

This content was produced with the assistance of AI translation services.