Will Lee Jae-myung's 'Real Estate Oversight Agency' Become a Reality?…National Assembly Forum to Be Held on the 6th

[Asia Economy (Suwon) = Reporter Lee Young-gyu] A forum will be held to discuss the establishment of a real estate supervisory organization and the construction of an integrated monitoring system for unfair real estate transactions, initiatives promoted by Gyeonggi Province Governor Lee Jae-myung to prevent disastrous real estate speculation.

Gyeonggi Province announced on the 6th that it will hold the "National Assembly Forum on the Enactment of the Real Estate Market Act" at the Glad Hotel in Yeouido, Seoul, with Governor Lee Jae-myung, members of the National Assembly, and private experts in attendance.

The forum, hosted by the province, has 38 members of the National Assembly listed as co-hosts, indicating significant social interest.

At the event, Professor Lim Jae-man of Sejong University’s Department of Real Estate will present on the topic "The Necessity and Basic Direction of Enacting the Real Estate Market Act."

Following this, Professor Choi Byung-seon of Gachon University will serve as the chair, with experts in the real estate field including Nam Gi-up, Director of the Land+Freedom Research Institute; Choi Eun-young, Director of the Korea Urban Research Institute; Jang Seok-ho, CEO of Woosung Real Estate Agency; and Kim Tae-geun, Chair of the Civil Economy Committee of the Lawyers for a Democratic Society, participating in discussions aimed at solving real estate issues.

Governor Lee plans to use the forum to advocate for the establishment of a real estate supervisory organization equivalent to the Financial Supervisory Service and to request cooperation from the National Assembly and central government for the enactment of the Real Estate Market Act (tentative name), which institutionalizes strong sanctions against illegal acts that disrupt market order.

The Real Estate Market Act proposed by Governor Lee includes provisions for ▲ the establishment of a real estate supervisory organization ▲ the construction of an integrated monitoring system for unfair real estate transactions ▲ and the introduction of strengthened penalties for unfair transactions and illegal activities.

Earlier, at a press conference following his presidential election campaign launch on the 2nd, Governor Lee expressed strong determination and confidence in resolving real estate issues.

He emphasized, "Real estate issues can be stabilized without much difficulty if there is determination, accurate policies, and trust," adding, "At least when it comes to real estate issues, I am confident."

He further stressed the need for higher-level regulations on unfair real estate transactions, stating, "For speculative real estate, not only tax bombs but also stronger punitive sanctions should be imposed," and "Regulations on non-essential real estate should be strengthened to a punitive level, while those on actual residences should be significantly eased."

Governor Lee has implemented various proactive policies within the scope of his authority to stabilize the real estate market, including basic housing and social housing projects, crackdowns on illegal real estate speculation, and designation of land transaction permission zones for foreigners and corporations.

However, recognizing the limitations of local governments’ efforts alone in normalizing the real estate market, this forum was organized to discuss related legislative amendments and institutional improvements.

The province will broadcast the forum live online from 10 a.m. via "Social Broadcasting LIVE Gyeonggi (live.gg.go.kr)."

In a public opinion survey conducted by the province on March 20 with 1,000 residents, 82% of respondents expressed support for the establishment of a "Real Estate Supervisory Agency."

Meanwhile, Governor Lee will appear on MBC’s "100-Minute Debate" at 11:20 p.m. that night.

This content was produced with the assistance of AI translation services.