Democratic Party Strikes Back on Real Estate Responsibility: "Yoon Suk-yeol and Oh Se-hoon to Blame for Soaring Housing Prices"

Democratic Party: "Policy Failures of the Previous Administration Are to Blame"
People Power Party: "The Current Government Has Crushed the Dream of Homeownership"

Following the announcement of the October 15 real estate measures, the confrontation between the ruling and opposition parties has intensified, with the Democratic Party of Korea on October 18 directly responding to criticism from the People Power Party, strongly asserting, "The main culprits behind the sharp rise in real estate prices are former President Yoon Suk-yeol and Seoul Mayor Oh Se-hoon."

Park Changjin, Senior Deputy Spokesperson for the Democratic Party, stated in a written briefing on this day, "These real estate measures were unavoidable, driven by the practical need to protect genuine homebuyers and stabilize the market," adding, "The fact that the stock market rebounded to the 3,700-point level after the policy announcement is evidence that the government's direction is trusted by the market."

View of residential buildings (apartments, multi-family houses, row houses, officetels) in Gangbuk as seen from Namsan, Seoul. Photo by Yonhap News Agency

Deputy Spokesperson Park attributed the surge in Seoul housing prices not to the current administration, but to the previous government and the failure of Seoul's real estate policies. He said, "The Yoon Suk-yeol administration caused confusion in the market due to delayed supply and sluggish construction starts, while reckless deregulation and excessive loan allowances fueled speculative demand." He further added, "Mayor Oh Se-hoon also fueled speculation and heightened anxiety by lifting land transaction permit zones based on political calculations."

The Democratic Party strongly pushed back against the People Power Party, stating, "They are distorting facts and attacking the current government to cover up their own policy failures," and emphasized, "Using real estate policy as a tool for political strife is an act of deceiving the people." Deputy Spokesperson Park stressed, "We will not be swayed by baseless attacks, and will focus on creating a stable housing environment and expanding supply for genuine homebuyers."

However, the People Power Party sharply criticized the government's measures as "a failed strengthening of regulations that crushed the dream of homeownership for young people and ordinary citizens." Chief Spokesperson Park Sunghoon pointed out, "The government said it would not suppress housing prices with taxes, yet the Democratic Party is considering raising the holding tax," adding, "The market is seeing a decrease in jeonse rental listings and growing concerns about a shift to monthly rentals."

He especially criticized, "Ruling party figures who own luxury apartments worth tens of billions of won in Seoul are pushing policies that essentially tell ordinary citizens, 'Don't even dream of owning a home in Seoul if you don't have cash.'" He went on to say, "This deprives people of housing opportunities and kicks away the ladder of social mobility."

The political battle over real estate measures is now targeting Seoul Mayor Oh Se-hoon, with signs that the controversy may intensify ahead of next year's local elections. The Democratic Party continues to escalate its attacks, holding Mayor Oh responsible for the surge in Seoul housing prices. In response, the People Power Party is strongly pushing back, calling these moves "an attempt to deflect blame for policy failures."

Seoul Mayor Oh Sehoon. Photo by Yonhap News

Within the ruling camp, lawmakers Park Joomin and Seo Youngkyo, as well as Prime Minister Kim Minseok, are being mentioned as potential Seoul mayoral candidates. With even Jo Kuk, Chairperson of the Innovation Party for the Nation, being discussed as a possible contender, the real estate issue is likely to emerge as a central topic in the upcoming Seoul mayoral election.