The South Korean president's approval rating plummets due to failure of real estate policies

As Seoul’s housing market continues to rise for the 52nd consecutive week, the approval rating of the South Korean president is facing policy-related challenges. According to the latest Gallup Korea survey, dissatisfaction with real estate policies is rapidly spreading among the public, highlighting a crisis in the president’s support rate.

Housing Price Surge and the Crisis for Young People

President Lee Jae-myung has urged investors holding multiple properties to sell their excess assets before the government raises property taxes. However, Seoul’s apartment prices have continued to increase for 52 weeks in a row, making it clear that these policy appeals have had little impact on the market.

The rapid rise in housing prices is severely affecting the life plans of young people who are forced to postpone marriage and childbirth, raising concerns about the overall social structure of the nation. The plight of millions of young people unable to buy homes is not just an economic issue but is recognized as a critical challenge that could lead to a decline in societal vitality.

Gallup Survey Shows Public Distrust in Housing Policies

Recent Gallup Korea survey results reveal a harsh reality regarding public opinion on real estate policies. While 40% of respondents are dissatisfied with President Lee’s housing policies, only 26% support them, significantly undermining the president’s approval rating.

These figures suggest that the government’s efforts to address the real estate market have not sufficiently gained public trust. Although nearly half of the respondents expect housing prices to rise next year, only 19% foresee a decline, indicating a growing pessimistic market sentiment.