South Korea's ruling Democratic Party of Korea claimed credit for stabilizing the nation's housing market, citing slowing price growth and emerging price drops in Seoul's affluent Gangnam district.
"Apartment sales and rental prices nationwide are showing slower growth, returning to a normal market," Kim Hyun-jung, the party's floor spokesperson, said in a written briefing Wednesday. "This is the result of the government's supply measures and the president's strong commitment to real estate normalization becoming visible."
Kim pointed to data showing Seoul apartment price gains have declined for three consecutive weeks. She noted media reports forecasting Gangnam apartments could shift to outright price declines within one to two weeks.
"In reconstruction complexes around Apgujeong-dong in Gangnam-gu, asking prices are falling rapidly, with listings now appearing at more than 1 billion won lower than a month ago," Kim said.
The spokesperson criticized the opposition People Power Party for ignoring these market changes. She accused the party of "only escalating criticism" by claiming President Lee Jae-myung is engaging in "stigma politics targeting homeowners through social media" and "destroying the housing ladder for young people and ordinary citizens."
Kim dismissed the opposition's characterization of President Lee's social media communications as "Lee Jae-myung-style emotional politics."
"I cannot understand why they criticize the president for staying up late into the night communicating with the public," she said.
The spokesperson also attacked the previous administration, asking whether the People Power Party "still misses the president who habitually arrived late to work, even staging fake commuting processions, and the 'clueless drinking president' who only thought about turning work briefings into bomb shot sessions."