President Moon Jae-in has called on the government to review the possibility of setting up a supervisory body to monitor the effectiveness of the government's policies on the real estate market.
In a meeting with his top aides on Monday, Moon vowed continued measures to get home prices under control as the administration's most pressing task when it comes to people's livelihoods.
We will continue to introduce new measures because the recent ones alone will not be enough. We will also consider launching a supervisory body to review the effectiveness of these policies on the real estate market.
The president's remarks follow a series of measures to cool the property market including a boost in supply and policies to better protecting tenants' rights.
Moon said that the government will be doing its best to reduce any confusion in the market.
He also said that it's natural for the government to intervene in the property market, and that although South Korea has raised property taxes, its rates are still among the lowest globally.
The president stressed that the housing market should not be used for investment but as a social benefit.
He also said he will look at further measures to reduce the tax burden on people who own just one, low-to-mid priced home and to improve housing for the underprivileged.