SEOUL, Oct 13 (Yonhap/APP): Finance Minister Koo Yun-cheol said Monday the government will focus on stabilizing the housing market to ensure residential stability for the public amid a recent surge in home prices in Seoul.
“The government will seek to manage supply and demand in the real estate market in a balanced manner with the goal of ensuring stable housing for the people,” Koo said during a parliamentary audit of the Ministry of Economy and Finance.
In recent months, home prices in Seoul and parts of the surrounding Gyeonggi Province have sharply increased. The government is reportedly preparing to announce a set of measures aimed at stabilizing the housing market later this week.
Koo said the upcoming package — the third housing policy initiative under President Lee Jae Myung’s administration — will also include plans for real estate taxation, alongside efforts to address both supply and demand imbalances.
“It will be announced soon,” Koo said, adding the government aims to accelerate the housing supply while also implementing effective demand-side policies.
Koo also stressed the importance of revitalizing the economy and stabilizing people’s livelihoods, noting signs of recovery in consumer sentiment and retail sales in the second half of this year.
“The economy is regaining vitality, as shown by the recent turnaround from the sluggish growth trend seen since the second quarter of 2024,” he added.