[Reporter’s Notebook] Soaring Official Property Prices Trigger Collective Backlash

[Asia Economy Reporter Kim Hyemin] "I moved in when the new town was built and have never moved even once. But with the official property price rising over 30%, and comprehensive real estate tax coming in a few years, who would accept this?"

This is the complaint of a resident who has lived for nearly 30 years in an apartment in Seohyeon-dong, Bundang New Town. His only income is the national pension and the living expenses his children send monthly. He laments, "Why should the people bear the responsibility for skyrocketing house prices caused by government policy failures?" On the 25th, he signed a collective objection consent form for the official property price of the apartment.

Since the official property prices were disclosed, homeowners' backlash has been intense. The sharp rise in house prices last year was fully reflected in the official prices, causing growing dissatisfaction. The comprehensive real estate tax, once exclusive to wealthy apartments in Gangnam, has spread throughout Seoul, and Sejong City, where official prices rose by about 70% on average, is literally burdened with a holding tax bomb. With incomes unchanged but having to pay hundreds of thousands of won more in taxes just because house prices rose, it is only natural that collective objections are being made and encouraged.

The government and ruling party explain that "for single-homeowners with official property prices under 600 million won, property taxes have actually decreased." They have tried to contain the situation by saying that the special cases of multi-homeowners with expensive houses in Gangnam are being excessively generalized. However, how can we explain that collective objections are being considered even in Hongje-dong and Chang-dong, areas in northern Seoul densely populated with working-class apartments?

As of the 26th, over 18,000 people have agreed to a national petition titled "Please lower the excessively increased official property prices," submitted on the 17th. The author pointed out, "Since this administration took office, the real estate market started to soar, and the policies introduced for normalization all failed, further igniting the market," adding, "The government's claim that over 90% are eligible for tax reductions is no consolation at all."

The government must seriously consider the complaints of ordinary people, such as "Will you return taxes if house prices fall?" and "It is burdensome to own even one house that you won't sell." It is necessary to calmly reflect on whether the sharp rise in official property prices and the collective backlash are not the real estate report card of the current administration.

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