Enhanced housing provisions required for Seoul and the surrounding capital area

In the heart of South Korea's capital city, Seoul, the government is taking a firm stance against illegal subcontracting in the construction industry. This move is part of a broader effort to cool down the overheating asset markets that have been experiencing a rapid increase in household loans.

The crackdown, initiated by the Seoul Metropolitan Government, is aimed at promoting fairness and transparency within the construction sector. The construction site mentioned in this article is one of many across the city where the new measures are being implemented.

The professor leading the charge in this endeavour is from Sogang University Graduate School. He serves as the chair of the Reset Korea Real Estate Committee, a group established to address the complex issues plaguing the real estate market in South Korea.

The committee, which includes former Prime Minister Han Duck-soo as the chairman of the Commission for the Realignment of the Real Estate Sectors, has been vocal about the need for reform. However, they have emphasised that taxes alone are not the solution to the housing market's woes.

In the first half of the year, housing prices fell in all regions except Seoul. The Bank of Korea, South Korea's central bank, has been closely monitoring the housing market, but the exact impact of the crackdown on illegal subcontracting remains to be seen.

Meanwhile, President Lee's 600 million won cap on mortgages, implemented as part of a real estate clampdown, is another measure aimed at cooling down the housing market.

As the city skyline changes with the construction of new apartments, the view from Seoul Sky, the observatory at the top of the Lotte World Tower in Songpa District, southern Seoul, offers a glimpse into the ongoing transformation.

The translation of this article was originally conducted using AI tools and was later reviewed and refined by a native English-speaking editor to ensure accuracy and clarity.