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Gov’t to announce measures to tackle rising housing prices before Aug. 15

August 2, 2024

The government will announce a set of measures to tackle rising housing prices before Aug. 15, with a focus on supply-side measures, a presidential official said Friday.

The prices of apartments, in particular, have been rising at a fast clip in Seoul and its surrounding areas, prompting the government to intervene to bring them under control.

“House prices in Seoul are rising considerably, especially in the three Gangnam districts, and in Mapo, Yongsan and Seongdong, and at quite a rapid pace recently, so we think government measures are needed,” the senior presidential official told reporters. “The government is reviewing all the measures at its disposal, mostly on the supply side.”

Asked if the measures will include financial measures, such as those related to loan regulations, the official said the government is looking into those areas as well, though no decision has been made on whether they will be included in the announcement.

“The extent of the measures will be decided through consultations between the ministries,” he said.