A senior presidential official said that housing prices should fall further and the government will not use the property market as a means for boosting the economy.

Senior Secretary for Economic Affairs Yoon Jong-won told reporters on Sunday that the housing market is stabilizing thanks to the government's measures, but that the downward trend in housing prices should continue in order to stabilize residential conditions of low- and middle-income brackets.

Yoon stressed that the government will never use the housing market as a means to stimulate the economy in spite of difficult economic conditions.

The presidential secretary also reaffirmed the government will make an announcement by June on a detailed plan to supply 110-thousand more houses. 

The government will provide 300-thousand homes in the capital region and has already revealed plans for the supply of 190-thousand houses.