The article discusses a high-level meeting between the government and the Democratic Party of Korea regarding concerns about the soaring real estate prices in Seoul, despite existing loan restrictions and supply measures. This meeting, referred to as the “4th High-Level Government-Party Consultation Meeting,” appears to have been convened to explore additional real estate policy measures. The Democratic Party blames failures in housing supply by Seoul Mayor Oh Se-hoon and the administration under President Yoon, whereas the opposition accuses the current government of repeating the failures of the Moon Jae-in administration.
The meeting, which took place at the Prime Minister’s residence in Jongno-gu, Seoul, marked the first significant discussion on real estate market stabilization since President Lee Jae-myung’s inauguration. The discussion also aimed to share public opinion gathered during the Chuseok holidays and review ongoing reform initiatives. The issue of a “real estate package measure” was reportedly a key topic, although the content and timing of a potential policy announcement were not disclosed.
There are speculations that this measure could be intended to address the ongoing stimulation of the market caused by previous regulatory efforts. As the local elections loom, both ruling and opposition parties are eager to avoid blame for the housing price surge. The Democratic Party criticizes the inadequate housing supply under the current Seoul administration and the Yoon government, while the opposition highlights the exacerbation of market polarization, indicating an urgent need for policy revisions.
In response, the Democratic Party is considering measures such as making weekly housing price statistics from the Korea Real Estate Board private, suggesting that these statistics might distort market decisions and contribute to price increases.