Ahead of Seoul Campaign, Lee Emphasizes 'Real Estate': "Total Supply of 1.07 Million Units and 500% Floor Area Ratio Increase"

Lee Jae-myung Campaigns in Seoul, the Key Battleground, Focusing on Real Estate Messages
"Rapid Supply of a Total of 1.07 Million Housing Units in Seoul"
"Emphasizing Easing Real Estate Loan Regulations, Shortening Reconstruction and Redevelopment Project Periods"

[Asia Economy Reporter Oh Ju-yeon] Lee Jae-myung, the presidential candidate of the Democratic Party of Korea, emphasized his 'real estate' measures once again on Facebook before starting his campaign rally in Seoul on the 1st, aiming to capture voters' support.

[Image source=Yonhap News]

On that day, Candidate Lee said, "Before today's Seoul rally, I once again promise measures regarding the real estate issues that Seoul citizens are feeling most acutely," reiterating the easing of loan regulations and the swift progress of reconstruction and redevelopment projects.

Candidate Lee first stated, "We will drastically reduce real estate taxes and increase supply," adding, "We will improve the real estate official price system to ease the tax burden and make improvements to prevent unfairness caused by the comprehensive real estate tax." He promised, "First-time homebuyers will receive a 50% reduction in acquisition tax, and the heavy capital gains tax on multi-homeowners will be temporarily deferred," and pledged, "We will swiftly supply a total of 1.07 million housing units in Seoul."

Regarding the easing of real estate loan regulations, he said, "First-time homebuyers will be allowed an LTV of up to 90%, and various policy mortgages with low fixed interest rates will be greatly expanded." He also added, "To support youth housing welfare, we will apply DSR considering future income," and "We will also lift loan restrictions on increases in jeonse deposits."

He also plans to reflect voices demanding swift reconstruction and redevelopment.

Candidate Lee emphasized, "We will significantly shorten project periods through the introduction of a rapid consultation system and integrated approval reviews," and "We will establish a new 4th residential zone where a floor area ratio of up to 500% is possible."

Along with this, to stabilize housing for single-person households, he explained, "We will solidly prepare safety nets such as emergency fund loans, personal health checkups, care for elderly living alone, and women's housing safety facilities, and ensure that residents of one-room apartments, officetels, and multi-family houses do not suffer conflicts due to unclear management fees, unfair lease contracts, or illegal buildings."

Candidate Lee said, "Lastly, we will immediately switch to flexible and rational smart quarantine measures, such as easing business restrictions to 24 hours for those who have received the third vaccine dose," and added, "We will definitely implement the seven major pledges of the Lee Jae-myung government announced on January 21 to make Seoul truly Seoul."

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