President Lee: "Real estate prices are overvalued,,,,,,,, likely to become like Japan's"

On the 14th, President Lee Jae-myung said at a cabinet meeting presided over at the Yongsan Presidential Office regarding the overheating of the real estate market, "It is being overvalued," and "There is a high possibility that someday it will become like Japan," and pointed out,,,, "If you compare real estate prices to national income in Korea internationally, they would probably rank first." He continued, "The idea of increasing wealth through real estate speculation is now a thing of the past," and emphasized, "Accidents are bound to happen," and added, "There was a time when real estate was the only investment tool for the public, but now Globally, there are many alternative investment options, and the capital market must be normalized," he emphasized. President Lee warned about the possible collapse of the bubble currently trapped in real estate prices in the metropolitan area and other areas, and ordered policies to shift investment sentiment focused on real estate to the stock market and other   markets. He said he ordered policies to shift this direction. President Lee said to Financial Services Commission Chairman Lee Eok-won and Minister of Land, Infrastructure and Transport Kim Yoon-deok, "We need to shift toward productive finance and change the overall social atmosphere and judgment to view investments reasonably and long-term. The Ministry of Land, Infrastructure and Transport and the Financial Services Commission   are important. Are you preparing well?" He especially said to Minister Kim, "We must prevent market disruptions caused by information distortion or abnormal price formations. This is a disaster for the country. Are you holding that kind of resolve properly?" he also urged. President Lee also pointed out the recent rampant spread of false and exaggerated advertisements using false information and AI technology on social media, saying, "Such behavior is a market disruption that causes significant damage to the national economy and must be followed by strict measures." He went on to order, "I ask the relevant ministries to devise fundamental measures to correct these deviations from market order."