(EDITORIAL from Korea JoongAng Daily on Sept. 7)

Seoul apartment prices have surged for an unprecedented 85 consecutive weeks, prompting calls for a more rapid housing supply. This trend, the longest on record, saw prices climb 15.84 percent over the past 85 weeks, nearly double the 7.69 percent rise seen during a similar period under the Moon Jae-in administration. The record may be broken in early September.

Despite the government's efforts to curb demand through stricter lending requirements and higher taxes for homebuyers, prices continue to climb. Three proposed supply packages aim to create 1.58 million homes, but completion is unlikely during this administration's tenure, leaving a supply shortage. Tax and lending restrictions are making it harder for people to buy homes, and rental costs are rising as well.

While the government eased some tax proposals to address resistance, the overall framework still includes heavier taxation. To address the issue, the government should focus on expanding housing supply and streamlining regulations for redevelopment and reconstruction. Punitive taxes and lending restrictions should be revised to prevent panic buying and rental shortages.

The public is confused by predictions of a housing price collapse, despite high interest rates potentially helping to keep prices down. If prices keep rising, most homes outside certain districts could face a comprehensive real estate tax by 2030. The government needs to move beyond planning and launch a comprehensive supply drive to stabilize prices and restore market confidence.