President-elect Yoon Suk-yeol said Friday that the government should think twice before imposing tighter laws than are necessary for individuals who own several properties, a group that has witnessed a significant increase in their taxes as a result of the current Moon Jae-in administration. Moon was particularly concerned with higher taxes and mortgage restrictions.

In a meeting where his transition team was briefed by the Land Ministry ahead of the May 10 inauguration, Yoon said that some believe the crackdown on owners of multiple homes should continue, while others believe the market should be allowed to run its course so that those seeking homes can find one when they need it.

For the rest of this week, the team will meet with officials from Moon's ministries to learn about the work they have done so far and the work that will be needed in order to fulfill some of Yoon's campaign promises, such as cooling down one of the world's hottest property markets.

According to Yoon, "behind the exploding housing prices lay Moon's policies, which attempted to go against the fundamentals of the market."

Yoon, who does not often attend such briefings because the team has leaders in charge of them, said that property policy is crucial because the public is highly interested in seeing change take place.

According to Yoon, the process of change begins with the pursuit of deregulation and the acquisition of additional land for housing development. He also noted that the task necessitates policymakers taking into consideration the impact their actions will have on the larger economy before putting them in motion.

"I'm hoping that this meeting will be able to fix it," Yoon added.