Seoul Mayor Oh Se-hoon lifted the land transaction permission system after 35 days of designation, prompting criticism from presidential candidates within the ruling party.
Daegu Mayor Hong Joon-pyo noted on Facebook on the 20th, "Recently, there has been much discussion regarding Mayor Oh's reassignment of the land transaction permission area in Gangnam's three districts and Yongsan," adding, "I hope the land transaction permission system returns to its essential function."
Mayor Oh acknowledged the concerns that volatility in the real estate market increased, particularly in Gangnam, since the lifting of the land transaction permission area on 12th, and presented a plan to stabilize the housing market by expanding the land transaction permission area throughout the entire Gangnam three districts (Gangnam, Seocho, Songpa) and Yongsan.
Mayor Hong pointed out, "The purpose of the system is to prevent indiscriminate speculation on land; it is not a system aimed at preventing speculation on apartments built on land," and asked, "Isn't it contradictory to allow free trading of apartments solely for the reason that they are built on land?"
Mayor Hong posted on his Facebook the previous day, stating, "With wavering leadership like a reed, nothing can be done," which has been interpreted as targeting Mayor Oh, who changed his position on the designation of the land transaction permission area.
People Power Party lawmaker Ahn Cheol-soo criticized Mayor Oh, saying, "The land transaction permission policy was implemented too hastily." After meeting with the head of the Jogye Order the previous day, lawmaker Ahn met with reporters, stating, "Ultimately, it has provided the reason for the current surge in real estate prices in Seoul."
Former lawmaker Yoo Seung-min also expressed on Facebook the previous day, "What is the Seoul City thinking by lifting the land transaction permission area? If they did not anticipate such a result, it is extremely absurd."
Yoo continued, "Last month's lifting of the land transaction permission area by Seoul City, and today's reassignment by the government and Seoul City during a state of emergency, I do not know what this chaos is about for an entire month," adding, "Since the lifting of the 'Jam Sam Daechung' on February 13, the house prices in Seoul have been surging, and the instability in the real estate market in the capital region has spread."
He further remarked, "Even without this, with the benchmark interest rate cut, the real estate market is already stirred up, and the lifting of Seoul's land transaction permission system poured fuel on a burning house."