South Korea's housing market is stabilizing under the Lee Jae-myung administration's efforts, the ruling party's floor leader claimed.
Han Byung-do, floor leader of the Democratic Party of Korea, made the remarks at the party's supreme council meeting at the National Assembly on Tuesday.
"Signs of housing market normalization are becoming clear thanks to the government's strong commitment," Han said.
Han cited transaction data as evidence of market normalization. Apartments priced at 1.5 billion won ($1.05 million) or below accounted for 79.1% of January transactions and 84.1% of February filings, he said.
"The real estate market is shifting from high-priced speculative transactions to mid-to-low-priced deals for actual residence purposes," Han said.
The floor leader pledged legislative support to stabilize the housing market, including amendments to the Urban Maintenance Act.
"We will accelerate housing market normalization through legislation that increases supply and roots out speculation," Han said. "We will process the Urban Maintenance Act and Real Estate Transaction Reporting Act amendments without delay."
Regarding President Lee Jae-myung's order for a comprehensive farmland survey, Han added: "As the ruling party, we will fulfill our responsibility to work with the government to eradicate farmland speculation and uphold the principle that farmland should be owned by those who cultivate it."