Seoul: President Lee Jae Myung has committed to deploying all available resources to address speculative demand in the property market, following recent government measures aimed at tightening mortgage regulations to control escalating home prices in Seoul.
According to Yonhap News Agency, Lee's announcement came during a Cabinet meeting where the government unveiled new housing strategies on October 15. These strategies designated all of Seoul, along with 12 areas in Gyeonggi Province, as speculative zones to curb the surge in housing prices within the capital region. Lee emphasized the importance of focusing policy measures on suppressing unproductive speculative activities, which he believes distort the economy.
Highlighting a significant market shift, Lee pointed out that the benchmark Korea Composite Stock Price Index (KOSPI) had exceeded the 3,800 mark for the first time. He interpreted this as a move away from investments in unproductive sectors towards a more varied approach to asset growth. For this new trend of productive finance to be firmly established, he stressed the need for societal perception changes through consistent and effective policies.
In light of recent developments, with the health ministry lowering an alert level following a prolonged medical standoff, Lee acknowledged the considerable damage endured by the public due to the previous administration's unilateral push for medical reform without adequate consultation. The government recently lifted a top-level "serious" health crisis alert that had been in place since February of last year, after a mass resignation of trainee doctors in protest over planned increases in medical school enrollment.
Medical students and trainee doctors ended their protest after the government reversed its decision earlier this year, restoring the 2026 admissions quota back to its previous level. Lee expressed his gratitude and apologies to the medical staff and the public for the challenges faced during this period. He urged relevant ministries to develop a roadmap for strengthening essential public health care services to prevent future occurrences of such crises.
While acknowledging the necessity of medical reform, Lee insisted that any changes must be pursued rationally and with comprehensive public dialogue.