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 remark referring to the real estate issue as a "kind of leveling" during the press conference on the 18th, the Blue House explained that it was "an explanation of the trends in price fluctuations."

At the Blue House Reception Hall on this day, President Lee explained the causes behind the sharp rise in real estate prices, stating, "Fortunately, declines have begun recently even in areas including Gangnam, and the downward trend is spreading further." He added, "Gangnam was at the top, while other areas were lower, but now we are seeing a process where prices here (Gangnam) are falling and prices there (outside Gangnam) are slightly rising—creating a sort of leveling effect."

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

In response, the Blue House stated, "The government is taking the increased burden on citizens resulting from rising home prices in Seoul, excluding the three Gangnam districts, very seriously." The Blue House further explained, "In the context of an accumulated shortage in housing supply, Gangbuk, in particular, lacked new housing supply. In addition, tax reforms focused on ultra-high-priced homes and the relatively greater number of mid- to low-priced homes—where tax and loan regulations have less of an impact—have concentrated demand in these segments, which the government sees as the main causes."

The government also stated, "We will swiftly implement supply measures and thoroughly address policies related to the expansion of public rental housing and solutions for both jeonse and monthly rental markets."

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