[2026 Audit] Finance and Economy Committee Criticizes Real Estate "Price Flattening" and Tax Reform

Opposition: "Not Flattening, But Raising Housing Prices Across the Board"
Both Ruling and Opposition Lawmakers Voice Concerns Over Tax Reform

The National Assembly’s Finance and Economy Planning Committee discussed concerns about the real estate market and the need for tax reform during its audit on October 6.

The committee held a government audit targeting the Ministry of Finance and Economy at the National Assembly in Yeouido, Seoul, on this day, examining key real estate issues.

Lee Hyung-il, Deputy Prime Minister and Minister of Finance and Economy, attended the National Assembly's Fiscal Economy Planning Committee audit on the 6th and responded to lawmakers' questions regarding measures for housing stability. Photo by Yonhap News Agency

Opposition lawmakers on the committee raised issues regarding President Lee Jaemyung’s remarks on "flattening" housing prices. Lee Jongwook, a lawmaker from the People Power Party, pointed out, "Seoul apartment prices have risen for 86 consecutive weeks, setting a new record," and criticized it as "elevating housing prices across the board." Lee Junseok, a lawmaker from the Reform Party, noted that the comment about flattening has been satirized as glamorizing price increases in working-class residential areas. He further criticized that "(the government’s real estate policy) has failed to inspire public trust."

Regarding real estate tax reform, not only opposition but also ruling party lawmakers expressed concerns. Yoon Hoo-duk, a Democratic Party lawmaker on the committee, said, "The government’s plan for real estate tax reform has been submitted to the National Assembly. However, there are still many unresolved issues," adding that he had requested the finance ministry to provide detailed data concerning single-homeowners but had yet to receive them. Opposition parties also criticized the lack of follow-up measures on the rationalization of taxation that had been previously mentioned.

Deputy Prime Minister and Minister of Finance and Economy Lee Hyung-il commented on the recent increase in Seoul apartment prices, stating, "I take the situation very seriously," but also explained, "Recently, the upward trend has eased somewhat." He further emphasized, "We are focusing our resources as much as possible on expanding housing supply," underscoring the government’s intention to implement supply-focused policies.

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