Seoul Apartment Prices Rise for 82 Consecutive Weeks, Is a Tax Bomb Coming?

This upward trend is analyzed to show a cumulative increase rate twice as high as during the previous Moon Jae-in administration. Although the Lee Jae-myung administration announced real estate policies five times during its 15 months in office, critics point out that market instability has not been resolved but rather deepened. This has led to criticism that the government's real estate policies do not reflect the actual market flow.

Supply and market mechanisms are considered the most important factors in real estate policy. However, after the announcement of the 627 measures, the private real estate loan market significantly contracted, leading to the collapse of the housing supply system itself. Critics argue that the Lee Jae-myung administration's policy stance remains an abstract approach that views the market merely as a speculative arena, fostering market mistrust rather than providing practical solutions. This policy direction is ultimately seen as hindering the stabilization of the real estate market.

During the Moon Jae-in administration, despite having more housing supply than the current government, anti-market regulatory policies led to a surge in real estate prices. In contrast, the current government, despite a relatively smaller housing supply, is striving to stabilize the real estate market through efforts to normalize market systems such as easing loan regulations. The difference in policy stances between the two administrations shows a clear contrast in their impact on the real estate market, once again highlighting the importance of market mechanisms.

The real estate price surge, which began in Gangnam and Yongsan, is now spreading across Seoul to areas like Gwanak and Nowon. As a result, apartment prices in most areas of Seoul, excluding some districts in the metropolitan area, are soaring towards 1.5 billion won. Even old apartments, nearing their 39th year, are setting new record high prices, showing an overall market overheating. This rise in real estate prices is severely impacting the finances of ordinary households, particularly by increasing the burden of the comprehensive real estate tax, demonstrating how the government's real estate policy failures are directly affecting people's livelihoods.

While South Korea's semiconductor industry is experiencing a boom in economic indicators, the livelihood economy shows a disconnect. In particular, Supreme Court statistics reveal that the number of personal bankruptcy applications has reached an all-time high. This indicator clearly demonstrates the deepening economic hardship of ordinary people, supporting the criticism that superficial economic growth is not positively impacting the actual lives of citizens.

The Bank of Korea raised interest rates twice consecutively under the pretext of preventing inflation. However, these interest rate hikes are a significant burden on the common people's economy, and the aforementioned increase in personal bankruptcy applications clearly shows that people's suffering is intensifying. It is argued that the trickle-down effect from the semiconductor industry's boom is not effectively reaching the grassroots economy. In other words, the gap between macroeconomic indicators and the actual lives of citizens is growing.

The Lee Jae-myung administration decided to abolish public institution commuter buses last January and halted their operation with the contract termination in June of this year. As a result, public institution employees commuting by public transport such as KTX have exacerbated KTX reservation difficulties. This causes inconvenience not only for commuting employees but also for general KTX users, leading to overall traffic chaos.

Despite the policy of relocating public institutions to regional areas, it is pointed out that it is realistically very difficult for employees' families to move together. In particular, it is often difficult for entire families to relocate due to children's academic environment, specifically the issue of transferring schools. Moreover, dual-income couples face situations where it is challenging to align their residences due to one spouse's job. Considering these realistic problems, it is argued that it is virtually impossible for all families to relocate just because a workplace moves to a regional area. Commuter buses are emphasized as an unavoidable means chosen amidst these difficulties of settlement.

Some suspect that this concentrated policy may have an intention to favor specific regions, particularly the Honam area.

It is argued that simply relocating public institutions to regional areas is unlikely to automatically achieve industrial linkage. The core of industrial linkage depends not on the relocation of public institutions, but on the movement and settlement of skilled workers and researchers. However, the current policy is suspected of focusing on concentrating public institutions in specific areas without practical measures for securing human resources. It is pointed out that true balanced regional development cannot be achieved through this method.

Gumi is evaluated as having much better conditions than Honam in terms of power, water, regional environment, and even materials, parts, and equipment (SooBujang). Nevertheless, an analysis suggests that the main reason Gumi lags in competition with certain regions is due to workforce issues. The lack of willingness among skilled workers to move to regional areas makes it difficult to secure the core driving force for industrial development, even with excellent location conditions. This indicates that the movement and settlement of human resources are crucial factors determining the success of regional development policies.

Candidate Kim Seong-eun is suspected of evading taxes by mixing business income and earned income. Candidate Yong Hye-in is embroiled in suspicions related to donations using parliamentary allowances and spousal salary payments. Candidate Lee So-young sparked controversy over allegedly evading gift tax by treating security deposits for jeonse as living expenses. Strong criticism is being directed at the Lee Jae-myung administration's 'do as I say, not as I do' attitude, which imposes heavy taxes on others while being reluctant to pay taxes themselves.

In particular, the use of a relative's loan to purchase a commercial property worth 700 million won in his son's name has become problematic. As Kang previously emphasized improving military housing conditions, these allegations raise the need for a re-examination of the candidate's moral integrity and qualifications. Additional allegations, such as his residency in public housing, are escalating questions about his integrity and fairness.