(News Focus) 'Homes are not bread': Lee faces supply challenges as Seoul home prices continue to rise

Seoul's housing market is experiencing rapid growth, causing public discontent over the administration's real estate policies. The Lee Jae Myung government is implementing a two-pronged approach: curbing demand through a property tax overhaul and expanding supply by constructing over 230,000 additional homes in the Seoul metropolitan area.

The goal aligns with the administration's aim to build 1.35 million homes in the region by 2030, following a previously announced target. However, the government faces challenges as the demand for affordable homes continues to rise, particularly among younger generations. Housing affordability has become a sensitive political issue in recent years, with home prices soaring by 11.9% in Seoul within the first year of the administration's term.

The government acknowledges that while demand controls can be effective in the short term, new housing takes years to develop, creating a gap between the need for and supply of affordable homes.