Ruling Party Stresses Maintaining Real Estate Policy Stance After Dinner with Lee... Focus Turns to Reconciling Internal Differences

Kim Minseok, leader of the Democratic Party of Korea, stressed the need for consistency in real estate policy and drew a line against calls within his party for further easing of the Comprehensive Real Estate Holding Tax. Although lawmakers from the Seoul metropolitan area have continued to call for raising the basic tax deduction for non-resident owners of one home to KRW 1.4 billion, the party leadership appears to favor retaining the government's existing proposal.

Speaking on the Democratic Party's YouTube program "Minti07" on the morning of November 12, Kim said, "It has already been agreed that it is best to consistently uphold the fundamentals of the real estate policy being pursued by the party and the government." Asked whether the Comprehensive Real Estate Holding Tax had been discussed at a dinner the previous day attended by President Lee and floor leader Han Byeong-do, he replied, "We did not have a separate discussion about it."

Yonhap News Agency

Addressing controversy over whether the party had urged the government to raise the tax deduction at a high-level party-government consultation on November 8, Kim said, "While briefing people on the various opinions among lawmakers, something that came up was somewhat misunderstood as an official request from the party," adding, "It has already been made clear that this is not the case."

Floor leader Han also said at a policy coordination meeting on November 12, "There is no discord between the party and the presidential office," stressing that "the party and the government are working closely together to improve people's livelihoods." However, calls for adjustments to real estate policy have continued, particularly from the Seoul City Party chapter and lawmakers from the Seoul metropolitan area, leaving it up to the party leadership to reconcile the differing views. Democratic Party lawmakers from Seoul believe the basic deduction for the Comprehensive Real Estate Holding Tax should be set at KRW 1.4 billion for all owners of one home, regardless of whether they live in it. At a press conference on November 9, lawmakers including Kim Young-bae again stressed the need to revise the government's proposal. The "Real Estate Pragmatists' Lawmakers' Group for Stabilizing Jeonse and Monthly Rent Housing," formed under the leadership of lawmaker Lee Eon-ju, held its first debate at the National Assembly the previous day, discussing a review of regulations on non-resident one-home owners and ways to expand the supply of jeonse and monthly rental housing.

Meanwhile, proposed changes to real estate taxes, including the Comprehensive Real Estate Holding Tax, are set to undergo review by the National Assembly's Finance and Economy Planning Committee this month. The deadline for committee review of bills designated as budget-related legislation is November 30.

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