President Lee on Real Estate Market Anxiety: "This Is an Emergency; We Must Bring Forward Supply"

President Lee Visits Third New Town Development Site
Calls for Review of Raw Land Sales and Financial Incentives
"Plans Must Lead to Actual Move-Ins"

President Lee Jaemyung visited a housing supply site in the Seoul metropolitan area on October 20 and said, "As this is an emergency, we need to bring forward the supply schedule, including by proceeding with land expropriation and consultations simultaneously."

According to a written briefing by Kang Yujeong, senior presidential spokesperson, President Lee received a briefing from the Korea Land and Housing Corporation (LH) on the site requirements for the new town at the site of the Third New Town development in the Incheon Gyeyang District that day. He said, "A supply gap emerged as housing permits declined from 2022 to 2025."

President Lee Jae-myung conducts an on-site inspection of the third-phase new town project at the Incheon Gyeyang Public Housing District on Oct. 20, 2026. Yonhap News Agency

President Lee also instructed officials to "consider selling raw land as a fundamental option, since doing so could significantly shorten the supply schedule." Under this approach, land is supplied in its existing condition, and the buyer, acting as the development agent, is responsible for preparing the site and constructing buildings. He urged the Ministry of Land, Infrastructure and Transport and LH to "focus their capabilities on maximizing the pace of project implementation throughout every stage of public housing site development and ensuring that housing supply targets are met without disruption."

At a subsequent on-site meeting, President Lee said, "Ultimately, the standard by which the public measures housing supply is moving in." He instructed officials to ensure that "the supply measures already announced do not remain mere plans, but lead to tangible results in the form of people actually moving into homes." He added that "the Third New Towns must play a key role in easing market anxiety through predictable housing supply and, ultimately, achieving housing stability for the public."

Ministers also delivered briefings, followed by instructions from President Lee. After receiving a briefing from Hong Jiseon, Minister of Land, Infrastructure and Transport, on the "Progress of Housing Supply in the Seoul Metropolitan Area," President Lee instructed officials to "also consider dramatically expanding financial incentives to accelerate housing supply." In response to LH President Lee Seonghun's briefing on the "Housing Supply Implementation Plan and First Move-Ins in the Third New Towns," he urged officials to ensure that no employees are disadvantaged or have their morale dampened by the issue of organizational separation.

President Lee also pointed out to LH President Lee that extending the timeline for compulsory land expropriation through civil litigation might reflect a legislative gap. He instructed officials to review the law, determine whether there were legislative measures to address the issue, and submit a separate report.

Experts attending the meeting advised that the time between the construction of transportation infrastructure and residents moving in should be shortened as much as possible. In particular, after hearing a briefing on modular housing, President Lee instructed officials to "consider the issue comprehensively as part of efforts to create a market for modular housing."

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