President Yoon Suk Yeol highlighted the need to ease demand-side regulations in the real estate market in a drastic and speedy manner.
He made the call on Tuesday before receiving policy briefings from the ministries of land, infrastructure and transport as well as the environment at the former presidential office Cheong Wa Dae.
The South Korean leader asked the two ministries to focus on people’s livelihoods rather than regulations and work based on science and expertise.
He emphasized the past government recognized real estate and environment as issues of politics and ideology in an apparent reference to the Moon Jae-in government, under which housing prices soared.
Yoon stressed that the land ministry’s real estate policy should avoid excessive regulations so that prices rise and fall predictably, while calling on officials to ease demand-side regulations drastically amid signs of a hard landing in the property market with rising interest rates.
As for the environment ministry, the president asked the ministry to seek deregulation and industrialize the environment area.
While mentioning the fact that he instructed a swift establishment of a smart water management system to cope with droughts and flooding utilizing artificial intelligence, the president asked the environment ministry to ensure the water management system and a research system function properly within this year.
Source: KBS World Radio