President Lee Jae Myung said balanced regional development is the only way to tackle soaring housing prices in the capital area.

During a town hall meeting in Cheonan on Friday, Lee said housing prices are a complex issue, even if all policy capabilities are mobilized, due to limited land supply.

The president said concentrated demand in the capital area has seriously undermined national growth and development, and that regional investment and balanced development are the only paths to survival.

Lee advocated for an accelerated push to relocate administrative institutions outside the capital area as part of the endeavor.

The president also called for establishing bases for regional growth and development across five major regions in the Gyeongsang, Jeolla, and Chungcheong provinces.