Seoul:President Lee Jae Myung on Tuesday emphasized the urgent need to expedite administrative processes for building homes, advocating for comprehensive efforts to increase housing supply.
According to Yonhap News Agency, President Lee made this statement during a Cabinet meeting, addressing the ongoing issue of escalating housing prices despite governmental attempts to stabilize the market.
President Lee highlighted the decline in housing construction permits and the availability of new land for real estate development over the last three years as contributing factors to the current disruptions in housing supply. He stressed that stable housing is essential for improving people's lives and called for the prompt implementation of consistent market management policies and large-scale housing supply measures.
President Lee instructed officials to make concerted efforts to enhance housing supply by reducing the time required for land development preparation and the issuance of administrative permits for house construction. He urged that these efforts be made swiftly, without being hindered by traditional practices and procedures.
He concluded by underscoring the importance of stabilizing the housing market, stating that the success of administrative management hinges on this stabilization.