Choi Jae-sung vs. Bae Hyun-jin Rematch After 2 Years... Garak 1-dong New Population and Real Estate Pledges Are Key

In the 2018 by-election, Choi Jae-sung won by a margin of 26,000 votes
What changed was the influx of 27,049 new residents in Garak 1-dong
Residents criticize government real estate failures... With many young people in the area, the Democratic Party is expected to have an advantage

[Image source=Yonhap News]

[Asia Economy Reporter Wondara] "Garag1-dong? Half are homeowners, half are tenants."

On the afternoon of the 30th, Joo Yang-wook (57), whom we met at a real estate agency near Garag1-dong, spoke about the occupancy rate of Helio City (formerly Garag Siyeong Apartment) residents. Garag1-dong had only 880 residents as of June 2018 when Choi Jae-sung of the Democratic Party of Korea was elected in the by-election, but the number increased by 27,049 as of March this year, making it the biggest variable in the Songpa-eul district. The increase in residents in Garag1-dong was largely due to the Helio City apartment complex, which began occupancy at the end of last year.

Mr. Joo, who has been working as a real estate agent here for three years, explained, "Due to the regulation that residents must live for more than two years before selling, Helio City, which began occupancy in 2019, has a relatively higher proportion of 'homeowners' compared to other apartment complexes." This is why there is analysis that the Democratic Party's weakness in real estate policy will affect the Songpa-eul general election. The housing prices in this area, which surged in recent years, have started to decline. Yang (in his 60s), a Helio City resident met at a nearby park, said, "The comprehensive real estate tax has increased too much," and raised his voice, saying, "The Democratic Party's real estate policy is completely communist."

Dissatisfaction with the current government's real estate policy was also detected in other parts of Songpa-eul. Park (in his 50s), who runs a real estate agency in Samjeon-dong, said, "It is completely wrong to think that Songpa is a wealthy neighborhood," adding, "There are many young people without homes, so much so that there might be only one homeowner per building." He continued, "Look around, there are many villa and one-room neighborhoods," and emphasized, "Young people are saying they can't live because both rent and monthly rent have risen with the recent surge in housing prices. I believe real estate policy will definitely affect the general election as a matter of livelihood, not just a judgment on the administration."

Choi, the Songpa-eul candidate, and Bae Hyun-jin of the United Future Party have both presented real estate pledges. Choi is pushing for a reduction in the comprehensive real estate tax for single-home residents and has proposed a bill to remove the 900 million KRW threshold for joining the housing pension. The intention is to protect single-homeowners who suffer from rising apartment prices. Bae also said, "Songpa-eul residents are crushed by taxes," and promised to address issues such as reducing the comprehensive real estate tax and reconstruction problems.

On the other hand, there were many predictions that the situation would not be much different from the by-election two years ago on June 13. In the June 13 election, Choi won by a large margin of 26,000 votes over Bae. The Helio City, which has emerged as the biggest variable, is also analyzed that it cannot overturn the general election results unless the entire influx of new residents votes overwhelmingly for Bae.

Kim (pseudonym, 75), who ran a shoe store in Garag1-dong for 35 years, said, "The overall Songpa-eul area is a place where many people from Honam, a traditional Democratic Party support base, live," adding, "Personally, I have long supported the United Future Party, so I hope Bae Hyun-jin wins, but I think the result will not be a big victory or much different from 2018."

Park (pseudonym, in his 50s), whom we met in Samjeon-dong, said, "This area mostly has one-room and two-room apartments, and many young people live here." Jamsil3-dong is a traditional wealthy area with conservative tendencies but chose the Democratic Party in the 9th presidential and 7th local elections. Jamsil7-dong is considered the most conservative area in Songpa-eul but has the smallest population among the constituencies, with only 10,158 people.

Meanwhile, residents met around Songpa-eul responded that the judgment on or defense of the administration would not have a significant impact on this general election. A woman in her 40s who runs a beauty supply store near Seokchon Station waved her hands saying, "Business is so bad because of COVID-19. Just leave," and said, "The judgment on or defense of the administration is a distant story." Reflecting this atmosphere, there were quite a few vacant stores in Garag1-dong and Samjeon-dong areas with rental notices stating "No key money."

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