President Yoon Suk Yeol has pledged to increase housing supply through swift redevelopment and reconstruction as he denounced the previous government for causing more hardship to the people with poor real estate policies.

Yoon made the vow on Monday while chairing a meeting on urban housing supply as he stressed that now is the golden time to normalize the housing market. 

He pledged to expedite redevelopment and reconstruction projects to swiftly provide the desired housing to the people at the desired location. 

Citing that housing supply conditions are dire due to high interest rates and a rise in construction fees, Yoon stressed that the government must now completely ease wrong housing regulations and make efforts to actively revitalize housing supply. 

On the previous government, Yoon said the entire people had suffered due to wrong real estate policies, citing that apartment prices in Seoul nearly doubled between May 2017 and April 2022.