President Lee Jae Myung said the public strongly supports efforts to normalize the real estate market.

In a social media post on Tuesday, Lee said that the public is well aware that the real estate market, particularly apartment prices in the Seoul metropolitan area, is abnormal and strongly supports efforts to normalize it. 

The president said that while power can turn a normal society into an abnormal one, it can also restore normal conditions.

Lee said that the government has strong policy tools, including regulations, taxation, finance, and housing supply, and that the key lies in its determination to act.

He said individuals are free to own multiple or high-priced homes, but warned they must bear the risks and responsibilities that come with market normalization.

Lee then reiterated his commitment to eradicating real estate speculation and restoring normalcy, sharing a news report that the housing price outlook index had fallen 16 points from a month earlier to 108 in January, the largest drop since July 2022.