Ruling Coalition to "Closely Monitor the Real Estate Market Situation"
Reviewing Measures to Minimize Businesspeople's Attendance as Audit Witnesses
The ruling coalition, consisting of the Democratic Party of Korea, the government, and the presidential office, has decided to jointly prepare and announce measures to stabilize real estate prices within this week.
Park Soo-hyun, chief spokesperson for the Democratic Party, held a briefing at the National Assembly this afternoon following a high-level party-government meeting, stating, "The ruling coalition discussed recent trends in the housing market in certain areas of Seoul and Gyeonggi Province and shared the recognition that there is a need to closely monitor the market situation."
He further explained that there was consensus within the ruling coalition on the need for fundamental and comprehensive measures to stabilize the housing market.
Park added, "Instability in the housing market is a national issue, as it undermines housing security for ordinary citizens, increases household burdens, and dampens consumption, thereby hindering the overall vitality of the economy. The ruling coalition will remain highly vigilant, closely monitor the situation, and work together to resolve these pressing issues."
When asked by reporters about the focus of the real estate measures, Park refrained from providing specifics but responded, "It has been decided that the government will make an announcement at an appropriate time within this week."
Within and outside the real estate market, there is speculation that the new measures may include expanding the list of regulated areas beyond the current land transaction permit zones of the three Gangnam districts and Yongsan District in Seoul to also cover Mapo District, Seongdong District, and Bundang District in Seongnam, Gyeonggi Province. There is also a possibility that the mortgage loan limit, which was set at 600 million won under the June 27 measures, may be further lowered.
Discussions were also held regarding the National Assembly audit, which begins on October 13. Park stated, "The party evaluated its role in minimizing the number of businesspeople called as witnesses so that companies can effectively respond to customs issues and focus on recovery and growth." He added, "Even in cases where a company's attendance is deemed essential, we will carefully review whether it is possible for a working-level employee to attend instead of the chief executive officer (CEO)."
Meanwhile, the high-level party-government meeting held at the Prime Minister’s official residence in Jongno-gu, Seoul, was attended by Prime Minister Kim Minseok, Democratic Party leader Jeong Cheongrae, floor leader Kim Byungki, and presidential chief of staff Kang Hoonshik.
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