Follow-Up to October 15 Real Estate Measures: Ruling Party Calls for Supply Measures for Real Demanders, Opposition Launches 'Real Estate Normalization Task Force'

Real Estate Sentiment Emerges as Key Variable in Local Elections
Democratic Party: "Emergency Measures to Stabilize Soaring Prices"
People Power Party: "Out-of-Touch and Disappointing Perception"

The ruling and opposition parties are closely monitoring public sentiment regarding the government's October 15 real estate measures and are focusing on preparing follow-up policies. Both parties are highly attentive, as public opinion on real estate is expected to be a key variable in the outcome of the 9th Nationwide Local Elections scheduled for June 3 next year.

Song Eon-seok, floor leader of the People Power Party, launched an attack at the National Assembly's audit countermeasures meeting on the morning of the 17th, stating, "The October 15 real estate policy of the Lee Jae-myung administration is causing growing despair and confusion among the public."

Song Eon-seok, floor leader of the People Power Party, is speaking at the National Assembly's audit countermeasures meeting held on the 17th. October 17, 2025 Photo by Kim Hyun-min

He criticized, "The director of housing policy at the Ministry of Land, Infrastructure and Transport keeps making irrelevant remarks, such as saying, 'There is no problem because first-time buyers with annual incomes below 90 million won can get loans of up to 70% when purchasing homes priced under 900 million won.' The average apartment price in Seoul has reached 1.43 billion won. We must quickly break away from such out-of-touch and disappointing perceptions."

The People Power Party plans to operate a "Real Estate Normalization Task Force" to address the issue of housing supply in Seoul. Song stated, "To achieve an expansion of housing supply in Seoul, we need innovative and bold deregulation and institutional reforms," adding, "We will promptly launch the Real Estate Normalization Task Force within the party."

The People Power Party has also proposed forming a four-party real estate consultative body involving the government, the ruling party, and the Seoul Metropolitan Government, urging measures to expand supply such as easing redevelopment and reconstruction regulations.

In contrast, the Democratic Party of Korea defended the government, describing the measures as "an inevitable, last-resort policy to stabilize soaring real estate prices and curb side effects." Senior party member Jeon Hyun-hee stated at the Supreme Council meeting that "the government's real estate policy is an emergency measure to put out an urgent fire," and criticized, "It was the Yoon Suk-yeol administration's populist real estate policies that fueled the housing market frenzy in the Seoul metropolitan area."

Jeon emphasized, "Effective supply policies that provide quality housing at reasonable prices for actual demand, such as young people and ordinary citizens, must be implemented in parallel," and added, "We must maximize private sector supply by easing and revitalizing regulations on reconstruction and redevelopment."