(2nd LD) Gov't to unveil measures to stabilize housing market this week

SEOUL, Oct. 12 (Yonhap) -- The government plans to announce a set of measures to stabilize the housing market this week as home prices in Seoul and some parts of Gyeonggi Province have sharply risen, the ruling Democratic Party (DP) said Sunday.

The decision was made after DP leader Jung Chung-rae met with Prime Minister Kim Min-seok and senior presidential aides to discuss key policy issues. The meeting came as the National Assembly is set to begin its annual audit Monday.

"The government will announce measures to (stabilize) the housing market at an appropriate time this week," Rep. Park Soo-hyun, chief spokesperson of the DP, said in a briefing.

He said the participants at Sunday's meeting shared the need to draw up "fundamental and comprehensive" measures to stabilize the housing market, noting that a recent hike in home prices in Seoul and some areas of Gyeonggi Province warrant close monitoring.

"As uneasiness in the housing market could hamper housing stability, increase households' burdens and sap private consumption, the ruling party and the government have agreed to closely monitor the situation with a greater sense of vigilance and make efforts to resolve it," Park said.

It would mark the third time for the administration of President Lee Jae Myung to unveil measures to curb rising housing prices. In June, the financial regulator tightened curbs on household lending, followed by the government's announcement in September to increase home supplies in the greater Seoul area.

Industry watchers said the government may further tighten rules on household lending or designate more areas subject to stricter regulations on real estates. A hike in housing-related taxes is unlikely to be included in this week's measures as it would hurt public sentiment ahead of local elections set for June next year.

DP floor leader Kim Byung-ki as well as presidential chief of staff Kang Hoon-sik and senior presidential secretary for political affairs Woo Sang-ho also attended the meeting at the prime minister's residence on the final day of the extended Chuseok holiday.

The closed-door session covered reform agendas and livelihood-related policies to be pursued during the regular parliamentary session.

The DP has been pushing for a series of legislative reforms and has called on Supreme Court Chief Justice Cho Hee-dae to appear before the Legislation and Judiciary Committee's audit session on Monday.

ejkim@yna.co.kr
(END)