President Moon Jae-in on Thursday ordered his land minister to seek measures to support people who buy houses for the first time and raise the tax burden on owners of two or more houses.
Presidential spokesperson Kang Min-seok said the president issued the orders after receiving an emergency report on the housing market from Land, Infrastructure and Transport Minister Kim Hyun-mee.
Amid public criticism of unsuccessful policies in tackling soaring housing prices, the president ordered the minister to strengthen the burden of those who possess houses for speculative investments, including owners of two or more homes.
President Moon also called for an increase in the supply of homes and ease of the tax burden on people who buy houses for the first time, mostly young people and newlywed couples.
In addition, the president instructed the minister to draw up additional policy measures anytime if necessary.