Lee vows diverse measures to stabilize property market

President Lee Jae Myung said Tuesday the government will adopt various measures on both the supply and demand sides to stabilize the property market and root out speculative behavior.

Lee said at a Cabinet meeting that windfall profits from real estate, helped by illegalities and exploiting legal loopholes, have become the "biggest culprit" in destroying fairness and common sense and undermining national unity.

He also blamed the property market for exacerbating wealth inequality, household debts, and young people's pain and isolation.

"Only when the real estate problem is normalized can resources be reinvested productively and social dynamism be restored," he told the televised meeting at Cheong Wa Dae.

"Then can we find a path toward resolving conflicts caused by polarization." The government will swiftly roll out supply-side measures, draw up comprehensive measures to support people genuinely in need of a home, and revise the property tax system in a way that is fair and rational and in line with people's expectations, Lee said.

He also previewed Thursday's real estate policy debate, w ...