Seoul: The presidential office announced on Wednesday that it is considering using all available tools, including tax policy measures, to stabilize the real estate market. A new housing supply plan is expected to be unveiled soon.

According to Yonhap News Agency, Kim Yong-beom, the presidential chief of staff for policy, clarified President Lee Jae Myung's previous remarks regarding the use of taxes to curb housing prices. While President Lee suggested that taxes would not be the primary tool for controlling prices, Kim emphasized that taxes have not been entirely ruled out.

"It would be a misinterpretation to think the government will never use taxes under any circumstances," Kim stated during a meeting with reporters. He further explained that the administration hopes conditions will not necessitate the use of taxes to stabilize housing prices.

Kim reiterated that the Lee administration is focused on housing welfare and market stability and will employ all necessary tools to achieve these goals. During his campaign, President Lee advocated for a supply-focused housing policy, contrasting with the regulation-heavy approach of former President Moon Jae-in.

"The overarching goal is to prevent sharp fluctuations in the real estate market that could burden the broader economy," Kim said. He also mentioned that the government is finalizing a housing supply plan following recent measures to tighten mortgage loan rules aimed at reducing demand.

Since early July, mortgage loans for home purchases in the capital region have been capped at 600 million won ($428,780). This unprecedented move is intended to curb the rapid increase in housing prices in Seoul and the surrounding areas, including Gyeonggi Province.