President Lee says rising real estate demand on limited land could lead to a price collapse similar to Japan's economic stagnation
South Korea's president warns of Japan-like 'lost decades' from property bubble
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Summary
South Korean President Lee expressed concern that the country may be heading toward a peak similar to Japan's 'lost three decades' of economic stagnation. He made the remarks during a public debate on real estate policy held at KBS Annex in Seoul's Yeouido district.
According to the president, limited land area and continuously rising demand have driven up property prices, mirroring Japan's experience where prices eventually soared to a breaking point and burst like a bubble. He warned that South Korea could be approaching a similar critical juncture.
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[Breaking News] President Lee says "Japan's lost 30 years... worried that we are also heading to that peak."
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President Lee said this at the 'National Debate on Real Estate Policy' held at the KBS Annex in Yeouido, Seoul, saying, "In a narrow country, real estate demand continues to increase, so prices rise, Japan once suffered difficulties, and prices kept rising until eventually reaching a limit and bursting like a balloon."
according to Kyunghyang Shinmun
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