The presidential office’s chief policy adviser Lee Ho-seung says factors that affect housing prices are all heading downward, suggesting that it's a matter of time before the prices themselves fall as well. 

Speaking on a KBS radio program on Wednesday, he said the rise in housing prices that began from the middle of the previous administration extended for a significantly long period of time due to COVID-19 and liquidity. He added, however, that the momentum is now losing traction. 

Lee said the Moon government will seek to stabilize real estate prices until the end of its term so that the next administration can start with a clean slate. 

Regarding the spike in the comprehensive real estate tax this year, which the opposition has been calling a "tax bomb," Lee said the term is not appropriate as the government had given ample notice and could have been avoided. 

He stressed that 98 percent of the population will not be subject to the tax.