President Lee: "Housing Prices in Major Areas Falling Sharply ... Accurate Data Must Be Shared" - The Asia Business Daily

During a Cabinet meeting held on November 3, 2026, President Lee Jaemyung emphasized the importance of disseminating accurate real estate market information to combat the perception of South Korea as a nation plagued by real estate speculation. He expressed concern that those benefiting from increasing housing prices are selectively using statistics to influence market forecasts. “To shed the stigma of being a republic of real estate speculation, it is important to make sure the public is well informed and can access accurate market data directly,” he stated.

President Lee's comments came amidst ongoing discussions regarding the fluctuating housing prices in the Seoul metropolitan area. He acknowledged the uncertainty surrounding future price trends but insisted that current housing prices are excessively high. “No one can guarantee what the future holds with 100% certainty. But it is clear that housing prices in South Korea are abnormally high, and that we must cast off the stigma of being a republic of real estate speculation for the country's future,” he added.

The President raised questions about the effectiveness of how real estate data is communicated to the public. “Although statistical data are released regularly, I am somewhat concerned about whether they are being properly communicated,” he remarked. He pointed out the significant rise in apartment listings in Seoul alongside a notable drop in transaction volumes, indicating a decline in actual transaction prices in some major districts. He cautioned against drawing conclusions based solely on limited data, highlighting the need for a comprehensive understanding of the market that includes various indicators such as listings, transaction volumes, and actual sale prices.

Specifically, the areas of concern mentioned by President Lee appear to be concentrated in Seoul's Gangnam districts. According to the Korea Real Estate Board, as of October 26, apartment prices in Seoul had increased by 0.09% over the previous week, marking a continuous upward trend for 90 weeks. Price increases were noted in northern districts like Seongbuk and Seodaemun, as well as in peripheral areas such as Geumcheon and Guro. Conversely, prices in Gangnam and Seocho districts have been on a decline for 12 weeks, while Songpa District has experienced a similar trend for eight weeks.