Ruling party slams government's real estate rules, calls them 'certification for high prices'

South Korea's ruling People Power Party has sharply criticized the current government's real estate regulations, labeling them as ineffective and detrimental to citizens. The party argues that despite numerous measures since the current administration took office, housing prices remain uncontrolled.

"Countless regulations have been imposed, but housing prices have not been controlled, and the designation of regulatory zones has become a mark of certification for high-priced real estate," stated party spokesperson Cho Yong-sul. He criticized the government for demonizing homeowners and implementing a barrage of regulations, only to now target those who profited from a volatile stock market and sought to buy homes.

The government recently designated areas including Dongtan in Hwaseong, Giheung in Yongin, and Guri as regulatory zones due to significant price increases. These designations tighten loan-to-value ratios for homeowners and restrict mortgage access based on property value. The ruling party contends that the president's claims of controlling housing prices through "verbal intervention" are out of touch with reality.

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Countless regulations have been imposed, but housing prices have not been controlled, and the designation of regulatory zones has become a mark of certification for high-priced real estate.

"The president has spoken of market stabilization while issuing a series of anti-market policies," Cho added. "This has led to a balloon effect spreading across the Seoul metropolitan area and beyond, ultimately resulting in the designation of additional regulatory zones in Dongtan, Giheung, and Guri." The party asserts that these zones are not areas where prices have been stabilized but rather where prices have risen the most.

The People Power Party is calling for predictable policies and a sufficient supply of housing, rather than regulations for regulation's sake. They urge the current administration to critically re-examine its already failed real estate policies instead of repeatedly implementing superficial measures that only increase restrictions.

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The president has spoken of market stabilization while issuing a series of anti-market policies. This has led to a balloon effect spreading across the Seoul metropolitan area and beyond, ultimately resulting in the designation of additional regulatory zones in Dongtan, Giheung, and Guri.