President Lee Jae-myung on Wednesday emphasized that "real estate normalization is an unavoidable trend of the times and a core national task that must be accomplished."
Lee made the remarks on his X account (formerly Twitter), sharing an article reporting that roughly half of real estate experts and licensed realtors forecast a decline in home prices. The article, which cited the "KB Real Estate Report" from the KB Financial Group Management Research Institute, noted that predictions of rising home prices had significantly decreased while forecasts of declines had grown compared with a survey conducted in January, about three months earlier.
"Real estate invincibility? There is no such myth anymore," Lee said. "Like the cleanup of illegal facilities in valleys and the normal recovery of the stock market, everything in Korea is regaining its normal state."
On the same day, Lee shared a news report stating that behind the inadequate recovery from wildfire damage lies a so-called "wildfire cartel," referring to the participation of shell companies and other substandard firms in bidding processes and the authorities' failure to address them. "I thank the media for the coverage," he said. He added, "I have instructed the Cabinet to assess the situation in which such structural corruption has been left unchecked for an extended period and to review fundamental measures and accountability plans."
