Key Summary
- A parliamentary housing forum in South Korea held its third seminar in Seoul and invited former Deputy Prime Minister and Finance Minister Choi Kyung-hwan to discuss housing policy.
- Choi argued that mortgage restrictions are making it harder for end users to buy homes and said existing home transactions should be central to supply policy.
- Forum lawmakers from the People Power Party and the New Reform Party criticized the current administration’s housing policy and called for a market-centered approach.
- Specific proposals mentioned at the seminar included easing mortgage rules, expanding private rental housing, and revisiting property tax policy.
Main Story
South Korean opposition lawmakers used a housing policy seminar in Seoul to challenge the government’s current approach and argue for a broader shift toward market-based measures.
The forum, called the Seoul Metropolitan Housing Innovation Forum, held its third seminar on Nov. 11 at the National Assembly building. The event brought together lawmakers from the People Power Party and the New Reform Party, with former Deputy Prime Minister and Finance Minister Choi Kyung-hwan delivering a special lecture.
Choi criticized regulations that set different mortgage limits based on home prices, saying such rules can block ordinary buyers from purchasing homes. He also questioned whether it made sense for buyers of expensive homes to be expected to pay entirely in cash. In his remarks, he argued that housing supply policy should not focus only on new construction.
According to Choi, the current administration appears to equate housing supply mainly with lifting greenbelt restrictions and building new homes, a process he said can take 10 to 15 years. He said policy should instead make existing homes easier to trade and described active transactions in the current housing stock as essential to supply.
Choi also referred to property-market easing measures from his time in office, including relaxation of loan-to-value and debt-to-income rules, as well as eased reconstruction regulations. He said those steps supported both existing-home transactions and new supply, while adding that policy must fit the market environment and timing.
He described the current situation as one in which housing costs are burdensome in the Seoul metropolitan area while the property market remains weak in provincial areas. As policy directions, he proposed prioritizing housing stability over speculation control, returning to market-centered policy, and expanding private rental housing supplied by companies.
Opening the seminar, lawmaker Cho Jung-hun criticized the ruling Democratic Party’s apparent review of housing policy, saying the government was defending regulation while the ruling party worried about its side effects. He said the party’s role is to share responsibility for government policy, not to host seminars criticizing it.
Cho added that mortgage restrictions have created a situation in which only cash-rich buyers can purchase homes. He said the forum is working on alternatives in taxation, finance, supply, and transportation, with tax proposals to be released first after the regular National Assembly session.
Reform Party lawmaker Lee Jun-seok said earlier generations built homeownership through rent, loans, and housing subscriptions, but that current policy is blocking the housing ladder for younger people. He urged Democratic Party lawmakers to join discussions on restoring that ladder.
Other speakers also raised tax reform. People Power Party lawmaker Park Soo-min, who oversees the forum’s research work, called for integrating the comprehensive real estate holding tax into the property tax. He also argued that sharply reducing long-term holding tax benefits would conflict with the logic of tax law and the Constitution.
Several lawmakers attended the seminar, including Kwon Young-se, Song Eon-seok, Park Dae-chul, Lee Man-hee, and Cho Bae-sook. New Reform Party lawmaker Lee Ju-young moderated the session.
Background
The supplied text says the forum is led by lawmakers from the People Power Party and the New Reform Party and is focused on housing innovation in the Seoul metropolitan area. No additional background was provided.
Items Requiring Further Verification
- Choi Kyung-hwan’s policy assessments and recommendations are attributed remarks from a seminar speech and should be independently verified against the full event record if available.
- Claims about the current administration’s housing policy, including its alleged emphasis on greenbelt releases and new construction, are presented as political criticism rather than independently established fact.
- The statement that mortgage restrictions are preventing end users from buying homes is an argument made at the seminar and not a verified market-wide conclusion in the supplied text.
- The proposal to integrate the comprehensive real estate holding tax into the property tax is a policy suggestion, not an enacted or confirmed change.
- The plan to release tax proposals after the regular National Assembly session is a forward-looking statement and may change.