Choi Sangmok "Growing Concerns in Real Estate Market... Thorough Review of Market Conditions"

Rising Housing Prices Across Seoul Including Gangnam
Choi Urges Ministries to "Stabilize the Market"
On Yoon's Impeachment Ruling: "Any Outcome Must Be Accepted"

Choi Sang-mok, Acting Prime Minister and Minister of Economy and Finance, recently urged related ministries to "promptly devise response measures as needed to prevent public concerns from expanding" in relation to the rising trend of housing prices in Seoul.

During his opening remarks at the Cabinet meeting held at the Government Seoul Office on the 18th, Acting Prime Minister Choi said, "In a situation where difficulties in the livelihood economy are intensifying, public concerns about prices and the real estate market, which have been relatively stably managed so far, are increasing."

Acting President and Deputy Prime Minister Choi Sang-mok, who is also the Minister of Economy and Finance, is speaking at the Cabinet meeting held at the Government Seoul Office Building on the 18th. Photo by Yonhap News

Acting Prime Minister Choi emphasized, "Prices and real estate are the areas most closely related to the lives of the people and serve as a barometer of the livelihood economy," adding, "I ask all Cabinet members to maintain a special vigilance and make every effort to stabilize prices and the real estate market."

He continued, "Especially regarding the real estate market, related ministries such as the Ministry of Land, Infrastructure and Transport and the Financial Services Commission should thoroughly monitor the market situation."

According to the industry, since Seoul lifted the land transaction permission zone on the 13th of last month, housing prices have been rising mainly in central Seoul. The upward trend in housing prices, which started in the Gangnam area, is spreading to the outskirts such as Nowon, Dobong, Gangbuk, Geumcheon, Gwanak, and Guro.

Regarding the imminent Constitutional Court impeachment ruling on President Yoon Seok-yeol, Acting Prime Minister Choi said, "I earnestly ask the public once again to respect and accept the outcome regardless of any decision."

Acting Prime Minister Choi stated, "As the Constitutional Court's important decision approaches, conflicts between the pro- and anti-impeachment sides have intensified, raising public concerns about unexpected incidents and physical clashes," adding, "Fortunately, the large-scale rallies and demonstrations held in major city centers nationwide last weekend ended safely without any special incidents. Until the very end, please freely express your opinions within the legal framework."