Lee Jae-myung, the Democratic Party of Korea presidential candidate, said on the 8th regarding the real estate policy, "There is no way to prevent homes from being approached as investment or speculation instruments. Trying to forcibly block that has led to many side effects." He noted the intention to not repeat the 'real estate blunders' of the previous Moon Jae-in administration, but rather to create alternative investment opportunities beyond real estate. In particular, he mentioned the existing belief that "homes are for residential use" and added, "Looking back now, that's impossible."

Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, is present at the agreement ceremony for the livelihood policy of the election countermeasure committee's functional headquarters held at the Korea Federation of Small and Medium Enterprises in Yeongdeungpo District, Seoul, on the afternoon of Nov. 8. /Courtesy of News1

The candidate opened up during an afternoon appearance on the economic YouTube collaboration talk show 'Economic Talk' in response to a question about the societal ripple effect of real estate, saying, "I have actually changed my thoughts a lot about housing issues." He stated, "The ideology that 'homes should be for residential use, not for investment or speculation' is correct, and I have made many arguments based on that belief," but added, "However, that's impossible. It's just an obligation; reality is not like that."

"This is why we need to revive the financial market in South Korea, especially the capital market," he said, adding, "The public has nowhere to invest other than real estate. Therefore, everyone has been obsessed with real estate to the extent of engaging in speculative buying." He continued, "In the U.S., there are quite a lot of stocks and dividends among financial assets," and stated, "Our country must also provide the public with other investment opportunities beyond real estate."

However, he mentioned plans to expand 'youth-customized public housing' and 'support for rental and monthly housing costs,' considering the demand for actual residence. The candidate stated, "In cases where it is not an investment instrument but a necessity to live, we should sufficiently supply housing, but let’s not discourage those who want to buy homes for (investment purposes)," and added, "Let’s not hit them with taxes to suppress them, but rather let's leave the market as it is."