"Will President Moon Apologize for Soaring House Prices? What Will He Say About Real Estate in the Dialogue with the People?"

Citizens "Some Explanation Needed for Rising House Prices"
Yoon Seok-yeol "Caused a Housing Disaster"
Lee Jae-myung "Real Estate... Failed to Respond to People's Demands"

President Moon Jae-in is having a conversation titled "The People Ask, 2019 Dialogue with the People" on the afternoon of November 19, 2019, at MBC in Sangam-dong, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Han Seung-gon] "Even if nothing else, the real estate issue requires an apology."

President Moon Jae-in is set to engage in a dialogue with the public on the evening of the 21st, drawing attention to whether he will address the soaring housing prices and the real estate market. Immediately, Yoon Seok-youl, the People Power Party's presidential candidate, strongly criticized the Moon administration's real estate policies, saying they "caused a housing disaster," while Lee Jae-myung, the Democratic Party's presidential candidate, also made remarks at a meeting acknowledging the current government's failure in real estate policy.

Meanwhile, ordinary citizens are also venting their frustration, saying that life has become tough due to the skyrocketing housing prices. One citizen emphasized, "Isn't this the last chance during the term to have a conversation with the people?" and added, "I just hope he speaks frankly and tells it like it is."

President Moon will appear on KBS's '2021 Dialogue with the People (President, Dialogue with the People "Back to Daily Life")' from 7:10 PM for 100 minutes. This event is known as an opportunity to open a communication channel with citizens weary from the ongoing COVID-19 pandemic since last year and to gather public opinions for a successful phased recovery of daily life in its third week.

Notably, the event will be broadcast live, showing President Moon answering citizens' questions directly without a script. The Blue House limited the topic to "COVID-19 crisis response related to quarantine and the livelihood economy" considering election neutrality, as the event is held about 100 days before the presidential election.

However, the basic policy is to "accept and answer any questions." Sensitive questions related to the election are expected to be pre-screened by moderators or addressed with neutral responses by President Moon.

As news of President Moon's dialogue with the public spread, some citizens expressed opinions that he should clarify his stance on the real estate market and rising housing prices in some form.

Kim, a company employee in his 30s, said, "At least for our generation, the idea of saving up salary to buy a house doesn't exist," raising his voice, "Then at least housing prices should stop rising, but they have really gone up too much."

Another office worker in his 40s, Park, also said, "Housing prices go up and down, and although the government tries hard, I think it might not work well," but emphasized, "Still, if the president explains something directly, it would at least ease our minds."

Seoul cityscape. [Image source=Yonhap News]

◆ Soaring Housing Prices... What Position Will President Moon Take?

As ordinary citizens complain, this year, the last year of the Moon Jae-in administration, apartment prices in Seoul have risen sharply, with the cumulative increase in Seoul apartment prices until last month exceeding twice the increase rate of the entire previous year. According to the Korea Real Estate Board, Seoul apartment prices rose by a cumulative 6.24% from the beginning of this year to September.

This figure is more than twice the 3.01% increase in Seoul apartment prices for the entire last year and 2.5 times the 2.48% increase during the same period last year. Despite the government's strong demand regulations such as loan restrictions and policies to expand supply in the metropolitan area, the strong trend has continued, drawing criticism.

The situation is no different in the metropolitan area. In Incheon, apartment prices have risen by an average of 20.12% this year, more than double last year's annual increase of 9.57%. This is the highest increase rate in 17 years since the Korea Real Estate Board began compiling annual statistics in 2004.

Gyeonggi Province also saw a rise of 18.92% until September this year, surpassing last year's annual increase of 12.62%, with areas such as Ansan (32.80%), Siheung (33.29%), and Uiwang (33.99%) already rising over 30% by September. The apartment price increase rate in Gyeonggi this year is the highest since the 28.01% rise in 2006 when compared to annual statistics. This is why voices are growing, including from the government, ruling party, and the president, asking for some explanation regarding the real estate market situation.

Some even argue that the president should at least offer an apology or express regret. Choi, a 40-something office worker, said, "The Moon administration has already failed to control housing prices, and I would like to hear some words of apology." He added, "However, with the presidential election coming up and the potential for political controversy, it won't be easy..."

Lee Jae-myung, Democratic Party presidential candidate (left) Yoon Seok-youl, People Power Party presidential candidate (right) [Image source=Yonhap News]

◆ Yoon Seok-youl: "Housing Disaster Ongoing," Lee Jae-myung: "Failed to Respond to People's Demands and Era's Challenges"

The opposition strongly criticizes the current government's real estate market policies. On the 20th, Yoon Seok-youl, the People Power Party's presidential candidate, wrote on his Facebook, "Yesterday marked exactly one year since the so-called 11.19 Jeonse (lease) measures were implemented," and pointed out, "Instead of stabilizing housing for the lower and middle classes, a housing disaster has occurred. Missing listings, soaring Jeonse prices, worsening imbalance, and the nightmare that will come a year from now ? the housing disaster is ongoing."

He continued, "Due to dried-up loans, a large number of 'monthly rent refugees' are emerging, and for those lacking cash, the hope of owning a home has become an unattainable dream," adding, "People sigh all day while staring at real estate websites. Young people about to get married are despairing. There is no Jeonse, and even if there is, loans cannot be obtained."

Regarding the real estate issue, he described it as "a man-made disaster caused by the arrogance and obstinacy of the Moon Jae-in government." He further said, "Watching the policy disaster caused by the arrogance and obstinacy of the Moon administration is truly frustrating. I am deeply determined that regime change must happen in this election," emphasizing, "If I become president, I will never push policies unilaterally when the opposition raises objections or public opinion is unfavorable. I will prioritize democratic principles and procedures and listen to experts and voices from the field. That is the way to prevent policy disasters."

Lee Jae-myung, the Democratic Party's presidential candidate, indirectly expressed regret, saying the real estate policy failed to properly read the people's sentiments. On the 20th, he posted on his Facebook, "As the ruling party, we failed to properly steer the direction on real estate, compensation for small business owners, and socio-economic reforms, and we did not respond promptly to the people's demands and the era's challenges. We were too busy covering up the flaws of party members," adding, "We lacked efforts to understand, comfort, and improve the disappointed feelings of the people who are losing faith in the Democratic Party, and we failed to produce the reform results the people expect."

Regarding the Daejang-dong scandal, he stated, "Sincere reflection and apology should have come before explanations." Furthermore, Lee urged the party strongly, saying, "I will change first," and "I hope the Democratic Party is reborn anew."

Meanwhile, at the '2021 Dialogue with the People,' President Moon is expected to express his reflections on his four years and six months in office and his determination to do his best until the end of his remaining term during his opening or closing remarks.

This live broadcast 'Dialogue with the People' is the first in two years since November 19, 2019, at the Blue House State Guest House, commemorating 100 days in office, and including the 'National Report Meeting,' it is the third time President Moon has directly communicated with the public.

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