People Power Party Approval Rating Drops to 10% Range for First Time in 4 Years... President Lee Jaemyung's Approval at 63%

Gallup Poll: 42% Expect Housing Prices to Rise Despite 600 Million Won Loan Cap
Non-affiliated Voters Reach 27%, Highest Since Presidential Election

The approval rating for the People Power Party has dropped to the 10% range for the first time since November 2020. Despite regulations such as limiting mortgage loans for homes in the Seoul metropolitan area to 600 million won, expectations that housing prices will continue to rise remain dominant.

According to a survey released by Gallup Korea on July 11 (conducted from July 8 to 10 through telephone interviews with 1,002 adults aged 18 or older nationwide, with a sampling error of ±3.1 percentage points at a 95% confidence level and a response rate of 11.7%), the People Power Party's approval rating fell by 3 percentage points from the previous week to 19%. This is the first time since November 2020 that the party's support has fallen below 20%. The Democratic Party's approval rating also dropped by 3 percentage points from the previous week to 43%. The proportion of respondents who said they do not support any party rose to 27%, the highest since the presidential election.

Regarding President Lee Jaemyung's job performance, 63% of respondents gave a positive evaluation, a decrease of 2 percentage points compared to the previous survey. The negative evaluation remained unchanged from last week at 23%.

As for housing price forecasts over the next year, 42% of respondents expected prices to rise. The proportion predicting a decline was 27%, while 20% expected no change. Gallup Korea analyzed, "Despite the government's real estate loan regulations, consumer sentiment in favor of rising prices appears to remain strong." Regarding rental prices such as jeonse and monthly rent over the next year, 45% expected an increase, 18% expected a decrease, and 25% expected no change.

However, regarding real estate policies, 35% responded that the government is "doing well," while 25% said it is "doing poorly." The proportion of respondents who withheld their opinion was 40%.

For more detailed information about the poll, please refer to the website of the National Election Survey Deliberation Commission.