Korean Party: "Moon Administration Waged 'War on the Market' in Real Estate... Must Start with Reflection"

Hwang Kyo-ahn, leader of the Liberty Korea Party, is attending the '2020 New Member Welcome Ceremony' held at the National Assembly on the 8th and delivering a greeting./Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Lee Ji-eun] The Liberty Korea Party pointed out that President Moon Jae-in should first reflect on the failure of existing policies in relation to his mention of a 'war against speculation' in his New Year's address.

Lee Chang-soo, spokesperson for the Liberty Korea Party, stated in a commentary on the 8th, "The Moon Jae-in administration has consistently ignored the principle of supply and demand, which even a child in Samcheok would understand, and has stuck to unreasonable goal-setting and prescriptions contrary to market principles."

Earlier, President Moon declared in his New Year's address that he would wage a war against real estate speculation. In response, Lee said, "Just a month ago, he was spouting sophistry, saying 'the real estate market is stabilizing,' but suddenly he changed his tune and started threatening with talk of 'war.' I don't know which rhythm to dance to. There have been as many as 18 real estate measures introduced under this administration," he criticized.

He added, "They closed the door on mortgage loans, blocked reconstruction, raised comprehensive real estate taxes, and announced new town plans, but all these measures only had adverse effects. The median apartment price in Seoul has risen by more than 40%, and apartments priced at 100 million won per pyeong have even appeared. Since the diagnosis and prescription were wrong from the start, there is no way the treatment can be effective."

On the 7th, citizens are watching President Moon Jae-in's New Year's address in the Seoul Station waiting room. Photo by Kang Jin-hyung aymsdream@

Regarding the mandatory submission of asset details when purchasing homes over 900 million won in speculative areas starting this March, he pointed out, "At this point, it is not a war against speculation but a war against the market."

Lee said, "The result of these mole-whacking style policies is only market disruption and side effects. Thorough reflection on government policies is needed first, along with effective real estate policies for the majority of ordinary citizens."

This content was produced with the assistance of AI translation services.