The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Disgraced ex-minister's daughter says she feels proud, qualified as a doctor

  • 3

    Coupang reveals Asia's largest fulfillment center in Daegu

  • 5

    'Celebrity forests' emerge as new K-pop trend in Seoul

  • 7

    Ex-gov't employee summarily indicted for alleged attempt to sell Jungkook's lost hat

  • 9

    Netflix survival show 'Physical 100' attracts viewers with sweat, muscle and human story

  • 11

    Peak Time: Survival show for lesser-known K-pop boy bands to hit air

  • 13

    INTERVIEW'Korea, US can create synergy in space industry': NASA ambassador

  • 15

    Seoul narrows in on new slogan

  • 17

    Chainsaw Fest set to rip apart Club SHARP

  • 19

    Korea opens metaverse platform for Korean-language learning

  • 2

    Singer Lee Seung-gi to marry actor Lee Da-in in April

  • 4

    SM in internal feud over founder's exit from producing

  • 6

    Tiger endures 3 years of solitary confinement in closed zoo

  • 8

    Seoul city zeroes in on foreign residents' unpaid taxes

  • 10

    Rescuers race against time as Turkey-Syria quake death toll passes 5,000

  • 12

    Ex-justice minister, daughter blamed for unrepentant attitude over academic fraud

  • 14

    Korean Peninsula may face fallout from balloon saga

  • 16

    Apple confirms launch of Apple Pay in Korea

  • 18

    Korea to allow currency trading by offshore firms, extend market hours

  • 20

    Korea could resume issuing short-term visas to Chinese visitors soon

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Thu, February 9, 2023 | 03:04
Editorial
Anti-speculative policy
Posted : 2018-09-06 16:20
Updated : 2018-09-06 17:16
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link

The central government and Seoul City appear to be toying with the idea of allowing the development of green-belt areas in the capital and its vicinity.

Their intentions are obvious enough _ curbing soaring housing prices in Seoul by lifting bans on the development of some green zones that have already been devalued through gradual erosion. Some property market watchers even say the central and metropolitan governments may jointly create another mini-bedroom town on the suburbs of the capital.

The rocketing home prices, coming on top of the widening income gap and prolonged economic slump, could force ordinary people to withdraw their support for the Moon Jae-in administration. It is a small surprise then the government and City Hall, both occupied by the progressive ruling Democratic Party of Korea, are doing all they can to stabilize housing prices, including the additional ravaging of green zones.

The real problem is the proposed development of the green belt is unlikely to tame the rocketing home prices. Since the government introduced the system about four decades ago to restrict random urban development, it has removed the ban on areas 345 times larger than Yeouido, the so-called Manhattan of Seoul, but failed to curb home prices. Instead, each lifting of the ban forced up the costs of nearby land amid expectations of development.

All this shows why the additional removal of bans or the creation of another new satellite town cannot be the solution to cool speculative fervor.

The surge in home prices is due in a large part to widespread distrust of the government's policies. The incumbent administration, too, has flip-flopped on its policy direction. Whatever the officials say, people are anxious to buy homes before prices rise further. The size of idle funds has also topped 1,000 trillion won ($892 billion), looking for profitable investment targets. An additional supply of green-belt space is sure to push up land prices even higher, deepening the frustration of the working poor.

The government ought to restart its real estate policy from the ground up. And the first step should be to restore public trust.




 
Top 10 Stories
1Korean Peninsula may face fallout from balloon sagaKorean Peninsula may face fallout from balloon saga
2Turkey-Syria earthquake Turkey-Syria earthquake
3[INTERVIEW] 'Growth slowdown can accelerate depletion of retirement pension fund' INTERVIEW'Growth slowdown can accelerate depletion of retirement pension fund'
4SM6 Feel attracts customers with popular options, low price SM6 Feel attracts customers with popular options, low price
5SM's management dispute to benefit KakaoSM's management dispute to benefit Kakao
6[INTERVIEW] Veteran US photographer gives environment 'visual voice' to chronicle climate change INTERVIEWVeteran US photographer gives environment 'visual voice' to chronicle climate change
7Daughter-centered photos, title of honor reinforce speculation over North Korea succession Daughter-centered photos, title of honor reinforce speculation over North Korea succession
8National Assembly votes to impeach interior minister for Itaewon tragedyNational Assembly votes to impeach interior minister for Itaewon tragedy
9Philip Morris seeks to surpass KT&G in e-cigarette market Philip Morris seeks to surpass KT&G in e-cigarette market
10Korean companies move to support victims in earthquake-hit Turkey, SyriaKorean companies move to support victims in earthquake-hit Turkey, Syria
Top 5 Entertainment News
1Decoding success factors of NewJeans: How is it different? Decoding success factors of NewJeans: How is it different?
2SM in internal feud over founder's exit from producing SM in internal feud over founder's exit from producing
3The Boyz member Hyunjae apologizes for wearing hat with Rising Sun flag design The Boyz member Hyunjae apologizes for wearing hat with Rising Sun flag design
4Peak Time: Survival show for lesser-known K-pop boy bands to hit air Peak Time: Survival show for lesser-known K-pop boy bands to hit air
5K-pop stars and dating K-pop stars and dating
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group