Lee Jun-seok, Who Bought a House in Sanggye-dong, Says "It Takes 30 Years to Buy a House, but 'Loan Regulations' Block Even This"

"Buying a Home: Maybe Achievable Around Your 50s"

Lee Jun-seok, leader of the People Power Party. Photo by Yonhap News

[Asia Economy Reporter Kang Juhee] Lee Jun-seok, leader of the People Power Party, criticized the Moon Jae-in administration's real estate policy, saying, "It takes 20 to 30 years to buy a house with only personal income."

At a youth housing policy meeting held at the National Assembly on the 2nd, Lee said, "(Buying a house) has become a reality where people in their 30s and 40s have to work hard and may only be able to achieve it around their 50s."

Lee revealed that he purchased a house this year in Sanggye-dong, Nowon-gu, Seoul, and said, "Since I am in politics, I will not frequently buy and sell real estate, so I had several conditions such as a permanent residence type, new construction, and underground parking. Applying these led me to a very limited supply, and prices soared, resulting in a continuous vicious cycle."

He continued, "I clearly remember the atmosphere of young couples in Sanggye-dong when I was young," and explained, "At that time, young couples in their mid to late 20s came to Seoul and chose the newly developed Sanggye-dong as their first residence. Although housing costs were somewhat low, it was sufficient to raise children and realize their dreams."

However, he pointed out, "Recently, loan regulations have become stricter, blocking even the possibility of dreaming such dreams," and emphasized, "It is important to address the sense of deprivation among the younger generation."

He said, "Even though they can bear enough debt, they are restrained by regulations and cannot buy houses, while house prices rise, making it so that with their expected income, they can only dream of owning a home when they reach their 50s," and criticized, "The failure of the Moon Jae-in administration can be found in the detailed minor regulations they implemented, but on a larger scale, it was a denial of the market."

Furthermore, he stressed, "With the presidential primary ahead, it is important for candidates to identify where the real estate failures originated and propose policies that can reassure the younger generation."

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