Jang Donghyuk: "It's Not Korea but the Seoul Metropolitan Area with High Housing Prices"... Real Estate Debate with President Lee

Clash Over Real Estate Policy Between Lee and Jang Donghyuk
"Breaking Away from the Republic of Real Estate Speculation" vs "Opening the Gates to Real Estate Hell"

On June 3, the main voting day of the June 3 local elections, President Lee Jaemyung and the People Power Party clashed over real estate policy on social networking services (SNS). When President Lee claimed, "In the Republic of Korea, home prices and real estate prices are already much too high," Jang Donghyuk, the Standing Election Committee Chairman of the People Power Party, countered, "It is not Korea as a whole, but home prices in the Seoul metropolitan area that are high."

Chairman Jang posted on Facebook in the afternoon, saying, "Are home prices and real estate prices in Korea really high? That is incorrect," and argued, "It is not Korea as a whole, but the Seoul metropolitan area where home prices are high."

Real estate image. The Asia Business Daily DB

Earlier that afternoon, President Lee shared Asia regional housing price change data from the global real estate statistics firm Global Property Guide on X (formerly Twitter), stating, "In the Republic of Korea, home prices and real estate prices are already much too high."

He continued, "Although the share of real estate in the total assets held by the public has decreased significantly, it still remains excessively high," and emphasized, "Korea must break free from being a republic of real estate speculation, make a major transformation into a nation of startups, and establish itself as an irreplaceable core nation."

In response, Chairman Jang said, "Who created the current home prices in the Seoul metropolitan area? It was none other than Moon Jaein and Lee Jaemyung," adding, "Jeonse (lump-sum lease) in the Seoul metropolitan area has disappeared completely, and monthly rent has skyrocketed."

He criticized, "People from other regions are coming to the Seoul metropolitan area in search of a solid single home, resulting in unsold properties piling up in the provinces," and added, "All of this is the result of Lee Jaemyung’s oppressive real estate policies under the pretense of curbing speculation."

He continued, "Yet, he still calls for 'breaking free from the republic of real estate speculation.' In the end, this means increasing property holding taxes and abolishing the long-term capital gains tax reduction," and warned, "This will open the gates to a 'real estate hell' where people lose their homes and have to wander in search of new jeonse or monthly rent."

He added, "Voting is the only way to protect your home. Voting is the only way to prevent a surge in jeonse and monthly rent," and emphasized, "The only choice to escape from real estate hell is candidate number 2, the People Power Party."

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