Lee Says "Gangnam Decline Spreading, Leveling Effect"... Blue House: "Explaining Real Estate Price Trends"

While Explaining Causes of Real Estate Surge,
Lee Says, "Gangnam Is Falling, Other Areas Slightly Rising—A Leveling Effect"

Regarding President Lee Jae-myung’s comment referring to real estate as “a kind of flattening” during a press conference on the 18th, the Blue House clarified, “It was an explanation of price fluctuation trends.”

At the Blue House Reception Hall, President Lee explained the cause of the surge in real estate prices, stating, “Fortunately, a downward trend has recently started in areas including Gangnam, and this decline is continuing to spread. Gangnam was at the peak, while other areas were at lower levels. Now, it seems that a kind of flattening is occurring, with prices in Gangnam falling and those in other regions slightly rising.”

President Lee Jae-myung is answering reporters' questions at a press conference held at the Blue House Reception Hall on the 18th. 2026.9.18 Yonhap News Agency

The Blue House further stated, “The government takes very seriously the increased burden on citizens due to the rise in housing prices in Seoul, excluding the three districts of Gangnam. We believe the main reasons are, independently, an acute shortage of new housing supply in the northern part of Seoul, and, separately, a high concentration of demand for mid- to low-priced homes that are less affected by the overhaul of tax regulations and loan limits primarily targeting ultra-high-priced housing, all amid a continued lack of supply.”

The government added, “We will promptly implement supply measures and make sure to thoroughly address the rental market through expanding public rental housing and other policies related to both monthly and yearly leases.”

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