Mayor Oh Se-hoon Holds Meeting with People Power Party Governors on the 18th... Announces Petition on 'Officially Announced Property Prices'

Seoul Mayor Oh Se-hoon is attending the Cabinet meeting held via video at the Government Seoul Office in Jongno-gu, Seoul, on the morning of the 13th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Lim Cheol-young] Seoul Mayor Oh Se-hoon will hold a meeting on the 18th at Seoul City Hall conference room with five provincial governors from the People Power Party to jointly respond to the rapid increase and realization of official property prices.

Including Mayor Oh Se-hoon, who shares a consensus on the realization of official property prices, Busan Mayor Park Hyung-joon, Daegu Mayor Kwon Young-jin, Gyeongbuk Governor Lee Cheol-woo, and Jeju Governor Won Hee-ryong will attend to discuss and announce a joint proposal.

Mayor Oh has claimed that both the rate and speed of increase are problematic and difficult for the public to accept.

He stated, "As official property prices rise, burdens on daily life, including taxes and health insurance premiums, increase in about 60 different ways, causing many citizens to suffer," and added, "Ultimately, household disposable income decreases, leading to an overall contraction in economic activity," continuously raising concerns about the issue.

Earlier, on the 13th, Mayor Oh also conveyed related proposals at the first Cabinet meeting he attended. He expressed the position that amendments to relevant laws and institutional improvements by the Ministry of Land, Infrastructure and Transport are necessary to alleviate the rapidly increasing burden on citizens due to the rise in official property prices.

He said, "In the case of land or single-family houses, the Ministry of Land and local governments jointly participate in the official price determination process, but the Ministry of Land solely decides the prices of multi-family housing," and added, "Institutional improvements are needed to allow local governments to have authority and participate in the price determination process of multi-family housing, so I request the President and related ministers' attention and cooperation on this matter."