South Korea - The Korea Times

Lee steps up verbal warning against owners of multiple homes

President Lee Jae Myung said Tuesday that owners of multiple homes should not avoid risks and responsibilities associated with their investments if housing prices are normalized, stepping up his verbal warning against them. Hardening his resolve to stabilize the overheated housing market in the Seoul metropolitan area, Lee shared a link to a news report that pointed to weakening market expectations for housing price increases. "People know that the real estate market, particularly the apartment market in the Seoul metropolitan area, is abnormal and support efforts to normalize it," Lee wrote on the social media platform X. "The government has powerful tools for normalization, including regulations, taxation, finance and supply measures. The issue is whether the authorities have the willingness and determination," he added. Lee said people are free to maintain multiple homes, own properties for investment purposes or hold luxury homes but warned they "cannot avoid the risks and responsibilities that come with the normalization of these abnormalities." Lee has repeatedly urged owners of mul

Feb 24, 2026By Yonhap

Lee steps up verbal warning against owners of multiple homes

Korea has never elected a woman as governor. Will upcoming June election change that?

In 31 years of elected local government under democratic rule, Korea has chosen 87 metropolitan governors and mayors — and every single one has been a man. Since 1995, when the country revived direct regional elections after more than three decades of authoritarian rule that had stripped citizens of the right to pick their own local leaders, women have been shut out of the top tier of provincial power — a record unmatched among major democracies in Asia. With the June 3 local elections now less than 100 days away, at least six women are vying for top regional posts across Seoul, Gyeonggi Province and Daegu, raising hopes that the glass ceiling in Korean local democracy may finally crack. Rep. Choo Mi-ae of the ruling Democratic Party of Korea (DPK) is leading early polls for the Gyeonggi Province governor race, a seat overseeing the country's most populous province. A local media OhmyNews survey conducted between Feb. 13 and 14 by Realmeter put Choo — a six-term lawmaker and former justice minister — at 27 percent among 802 Gyeonggi voters, ahead of incumbent Gov. Kim Dong-yeon

Feb 24, 2026By Lee Hae-rin

Korea has never elected a woman as governor. Will upcoming June election change that?

'Victory will be ours': Russian Embassy banner raises eyebrows

The Russian Embassy in Seoul’s banner on its exterior wall reading “Victory will be ours” has raised eyebrows. It remains in place despite a South Korean government request to remove it, adding strain to already tense ties between Seoul and Moscow. The banner’s appearance coincides with Russia’s Defender of the Fatherland Day — a holiday honoring the armed forces — on Monday and the fourth anniversary of its invasion of Ukraine on Tuesday. Koreans voiced discomfort over the banner, as the Korean government has regarded Russia’s invasion of Ukraine as illegal and shown deep concerns over increasing military ties between Russia and North Korea. “It’s very rude and should be taken down immediately,” said Ha Jun-soo, a 26-year-old university student. “The Russian Embassy’s inaction despite the South Korean government’s response is deeply offensive.” Ha added that South Korea’s defensive foreign policy may have emboldened Russia and that the incident should prompt a more assertive stance. Kim Ho-nyeon, a 40-year-old office worker, said the government was right t

Feb 23, 2026By Park Ung

'Victory will be ours': Russian Embassy banner raises eyebrows

Ruling party proposes talks with PPP on Daejeon-South Chungcheong merger

The leader of the ruling Democratic Party of Korea (DPK) proposed holding talks with his main opposition People Power Party (PPP) counterpart on Monday to discuss a merger between the central city of Daejeon and South Chungcheong Province ahead of the local elections. In December last year, President Lee Jae Myung suggested the merger, saying it could help open up the way to address the overconcentration in the Seoul metropolitan area and promote balanced regional development. "I suggest an official meeting between the leaders of the two parties to make substantive progress on the administrative integration," DPK leader Jung Chung-rae said during a meeting of the party's supreme council. Earlier this month, the DPK unilaterally passed a special bill to create an integrated administrative region during a parliamentary public administration and security committee meeting. The National Assembly is set to vote on the merger at a plenary session later this month, in a move that could reshape the upcoming local elections in June. Jung stressed the importance of bipartisan agreement to pass the

Feb 23, 2026By Yonhap

Ruling party proposes talks with PPP on Daejeon-South Chungcheong merger

Lee's approval rating rises for 4th consecutive week: poll

President Lee Jae Myung's approval rating rose to 58.2 percent last week, a survey showed Monday, amid a strong stock rally and the government's efforts to stabilize the housing market. The rating was up 1.7 percentage points from the previous week, while the negative assessment fell 1.7 percentage points to 37.2 percent, according to the survey by Realmeter, commissioned by a local business news outlet. Realmeter attributed the increase to Lee's push to rein in home prices through measures such as ending an exemption from the heavy capital gains tax for owners of multiple homes, as well as the KOSPI index topping the 5,800-point milestone. In recent weeks, Lee has repeatedly urged owners of multiple homes to sell their properties ahead of the planned expiration of the heavy capital gains tax exemptions, which are set to expire in May. The survey was conducted on 1,000 adults from Monday to Friday last week and had a margin of error of plus or minus 3.1 percentage points, with a confidence level of 95 percent. In a separate survey conducted by the same pollster on 1,000 individuals aged 1

Feb 23, 2026By Yonhap

Lee's approval rating rises for 4th consecutive week: poll

Cheong Wa Dae to hold policy coordination meeting with ruling party, gov't over US tariffs

Senior presidential, government and ruling Democratic Party of Korea officials will meet Sunday to discuss policy coordination in response to the U.S. Supreme Court's decision to strike down U.S. President Donald Trump's global "reciprocal" tariffs. The meeting, led by Kim Yong-beom, presidential chief of staff for policy, and National Security Adviser Wi Sung-lac, will take place after the top court ruled against the sweeping emergency tariffs Friday, which has prompted Trump to announce a new global tariff. Other senior officials scheduled to attend the meeting include Finance Minister Koo Yoon-cheol, Industry Minister Kim Jung-kwan, Trade Minister Yeo Han-koo and DPK floor leader Han Byung-do. The officials are expected to discuss response measures to the Trump administration's follow-up steps to the court ruling as well as the status of Korean investment projects in the United States. Hours after Friday's ruling, Trump signed a proclamation to impose a temporary 10 percent global tariff under Section 122 of the 1974 Trade Act, which the White House said would take effect at 12:01 a.m

Feb 22, 2026By Yonhap

Cheong Wa Dae to hold policy coordination meeting with ruling party, gov't over US tariffs

Rival parties gear up for local elections seen as test of public gauge over political polarization

Ruling and opposition parties are gearing up for the June 3 local elections that are seen as a test of public gauge for political polarization, with the conservative bloc still in disarray over the aftermath of the botched imposition of martial law by former President Yoon Suk Yeol. The upcoming elections, which include parliamentary by-elections in more than 10 constituencies, are expected to serve as the first major bellwether of public support for the policies of President Lee Jae Myung's administration since its launch in June last year. The ruling Democratic Party of Korea (DPK), which won last year's presidential election and the parliamentary elections in 2024, is aiming for another victory to strengthen its legislative mandate and push its policy agenda. Meanwhile, the main opposition People Power Party (PPP) seeks to end its losing streak and overcome its crisis following former President Yoon's martial law declaration, subsequent ouster and conviction for leading an insurrection. The PPP, which won in 12 of the 17 municipalities in the 2022 local elections, seeks to defend key

Feb 22, 2026By Yonhap

Rival parties gear up for local elections seen as test of public gauge over political polarization

Parliamentary subcommittee approves bill preventing presidential pardons for insurrection

A parliamentary subcommittee led by the ruling party on Friday approved a bill aimed at preventing presidential pardons for individuals convicted of insurrection. The subcommittee of the National Assembly's legislation and judiciary committee passed an amendment to the Pardon Act that would prohibit or restrict pardons for those found guilty of insurrection or offenses against the state. The amendment was approved under the leadership of the Democratic Party after lawmakers from the main opposition People Power Party walked out in protest. Under the proposed revision, an exception would allow a pardon if three-fifths of the members of the National Assembly give their consent. The approval came a day after former President Yoon Suk Yeol was handed life in prison for leading an insurrection over his short-lived imposition of martial law in late 2024.

Feb 20, 2026By Yonhap

Parliamentary subcommittee approves bill preventing presidential pardons for insurrection

Lee orders tighter rules on loan rollovers for multi-home owners

President Lee Jae Myung said Friday that he has ordered firm regulatory measures and a review of loan extensions and refinancing for multi-home owners, signaling a broader push to curb property speculation. Lee’s remarks came as his administration moves to tighten lending to owners of multiple homes and press them to put more of their properties up for sale, aiming to increase housing supply — particularly in Seoul, where home prices have surged. According to data released Friday by the Korea Real Estate Board, the average home price in Seoul rose to 981 million won ($676,400) last month, up more than 13 percent from a year earlier. Lee wrote in a post on social media platform X, formerly Twitter, that real estate practices generating unearned income must be dismantled to build a country “where the people are the true owners” and where all can live in happiness. Lee shared a report that financial authorities were reviewing the “rent-to-interest ratio” (RTI), a rule for registered rental housing businesses, which limits loans based on whether rental income covers interest paym

Feb 20, 2026By Park Ung

Lee orders tighter rules on loan rollovers for multi-home owners

Presidential spokesperson offers to resign to run in upcoming local elections

Presidential spokesperson Kim Nam-joon submitted his resignation Friday to run for the June local elections, just five months after he was appointed to the post. "I have decided to resign to run in Incheon's Gyeyang-B district in the June elections," Kim told reporters. Kim is considered a close confidant of President Lee Jae Myung, having served as his chief secretary during Lee's time as a lawmaker and as press secretary when Lee was governor of Gyeonggi Province. The Gyeyang-B district was also the constituency represented by Lee during his time as a lawmaker. Kim was appointed as a second spokesperson to serve alongside Kang Yu-jung in September last year.