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President Lee's Approval Rating Slightly Drops to 39%, Housing Policy Most Cited for Disapproval
President Lee Jae-myung's approval rating has decreased by 2 percentage points to 39%, according to a recent survey. The primary reason for disapproval was cited as housing policy.On November 13, a survey conducted by Gallup Korea from November 10 to 12 among 1,002 eligible voters aged 18 and older found that 39% of respondents rated President Lee's job performance positively. This figure is down from 41% in the previous survey. However, the difference between the two surveys falls within the overall margin of error of ±3.1 percentage points at a 95% confidence level.The disapproval rating remained unchanged at 50%, while 10% of respondents withheld their opinions.Among the reasons for disapproval, housing policy was cited by 17% of respondents, followed by economic and livelihood issues at 15%. Concerns regarding morality and avoidance of personal trials accounted for 12%, while defense, security, and North Korea issues were mentioned by 7%. A general perception of poor performance was noted by 5%. The percentage citing morality and trial avoidance increased by 4 percentage points compared to the previous week.For those who rated the president positively, economic and livelihood issues were the most common reason, cited by 19%. This was followed by foreign affairs at 17%, communication at 9%, and social welfare policies at 6%. The percentage of respondents citing economic and livelihood issues as a reason for approval increased by 4 percentage points from the previous week.Approval ratings varied by age group, with the highest at 58% among those in their 50s. Approval was 45% among those in their 40s, 43% among those in their 60s, and 37% among those aged 70 and older. Among younger voters, approval was 24% for those aged 18-29 and 23% for those in their 30s.Regionally, the highest approval rating was in Gwangju and Jeolla at 65%. Incheon and Gyeonggi recorded 42%, Seoul 38%, Busan, Ulsan, and Gyeongnam 36%, Daejeon, Sejong, and Chungcheong 33%, and Daegu and Gyeongbuk 28%.In terms of party support, the Democratic Party of Korea received 39%, the People Power Party 26%, the Justice Party 4%, the New Reform Party 3%, and the Progressive Party 1%. The proportion of undecided voters was 27%.This survey was conducted using randomly selected virtual numbers provided by the three major mobile carriers, with interviews conducted by telephone. The contact rate was 43.9%, and the response rate was 10.1%. For more details, please refer to the website of the National Election Survey Deliberation Commission.* This article has been translated by AI.
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Government Reports Increased Housing Stability as 44,000 Apartments Set to Open in Greater Seoul
The government has assessed that signs of stability in the housing market are expanding, citing a slowdown in apartment price increases in Seoul and a rise in available listings. By the first quarter of next year, approximately 44,000 apartments are expected to be ready for occupancy in the Greater Seoul area, alongside anticipated improvements in housing supply regulations and public housing projects. On November 13, the government held its third regular briefing on housing supply at the Government Seoul Office, where it announced recent trends in the housing market, supply plans, and the status of regulatory improvements. According to the government, the rate of increase in apartment prices in Seoul has decreased from 1.27% in July to 1.05% in August and 0.74% in September. The Gangnam and Seocho districts have seen a decline for 14 consecutive weeks, while the three districts of Gangnam, including Songpa, have dropped for 12 weeks straight. This week, Seongdong and Gangdong districts also experienced price declines. The volume of apartment transactions in Seoul has also decreased, falling from 8,900 in May to 3,900 in September, which is below the five-year average for September of 4,100. The number of available listings has increased as well. As of November 11, the number of apartments for sale in Seoul exceeded 80,000, marking an increase of over 40% compared to the beginning of the year. In the past three weeks, listings for jeonse (long-term lease) and monthly rent have risen by 5.0% and 10.6%, respectively, bringing the total combined listings for sales and rentals to over 123,000. Leading indicators for supply have also improved. From January to September this year, the number of housing permits in Seoul increased by 33% compared to the same period last year, with 38,000 apartment permits issued, which is 1.5 times the recent ten-year average. During the same period, construction starts rose by 36% to 22,000 units compared to last year. In the Greater Seoul area, about 16,000 apartments are expected to be ready for occupancy in November and December, with an additional 28,000 units anticipated in the first quarter of next year, totaling 44,000 units. Approximately 6,000 units are set to be completed in Seoul in the first quarter, with around 4,000 units planned in the Mapo, Seocho, and Yongsan areas. By year-end, about 11,000 units will be additionally sold in the Greater Seoul area, including 1,100 units in Goyang Changneung, 400 units in Namyangju Wangsil, and 500 units in Bucheon Daejang, as part of the third new town development. Improvements in housing supply regulations are also underway. The government has completed 65 out of 145 regulatory improvement tasks included in the August 13 rapid housing supply measures. In December, 284 shared-equity public housing units will be supplied in Goyang Changneung, allowing residents to pay only 25% of the sale price upon move-in, with the remaining equity acquired over 20 years. Financial support has resolved challenges faced by eight projects, totaling around 6,000 units. A project in the Sinchon area of Seoul, which had been halted, is set to resume construction in September next year with 435 units, following a restructuring using funds from the Korea Asset Management Corporation (KAMCO). The Korea Land and Housing Corporation (LH) is launching a public housing project with private participation, aiming for a total of 9,000 units across 10 blocks in the second half of the year. On this day, bidding began for six blocks, totaling 5,782 units, including Namyangju Wangsil 2 and Goyang Changneung, with plans to proceed with bidding for the remaining four blocks, approximately 3,000 units, by year-end. The total project cost is estimated at 2.5 trillion won, with construction targeted to begin next year. Starting at the end of next month, the government will unveil a 'Housing Supply Digital Dashboard' to provide updates on the supply plans and progress of major housing projects. From December, a 'Housing Supply Integrated Support Center' will be established to address challenges encountered during the permitting and financing processes.* This article has been translated by AI.
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Korean Minister Discusses Housing Price Stabilization and Property Rights Concerns
Minister Hong Ji-sun: Housing Price Stabilization and Property Rights Must Be WeighedHong Ji-sun, the Minister of Land, Infrastructure and Transport, stated that the effects of the reconstruction excess profit recovery system (recovery system) on housing price stabilization and concerns over property rights should be comprehensively reviewed. During a National Assembly meeting on November 12, in response to questions about the necessity of abolishing the recovery system, she expressed a cautious stance, saying, "It is not a matter that can be judged as absolutely right or wrong." Recently, a notification was issued regarding a burden amount of 17.9 billion won for the Banpo Hyundai reconstruction project, leading to ongoing debates about the actual imposition and legal deadlines. The Ministry of Land, Infrastructure and Transport has requested a legal interpretation regarding the timing of the burden imposition. Regarding the Seoul housing market, Minister Hong assessed the increase in listings and decrease in transactions as signals of price declines. She noted the downward trend in the Gangnam area and the slowing rise in the outskirts of Seoul, suggesting that the decline could widen if interest rates rise by year-end. To stabilize the rental market, she pledged to continue expanding the supply of rental housing in the metropolitan area.Daewoo Engineering Faces Challenges in Czech Nuclear Project Amid Mediation StalemateDaewoo Engineering's position is weakening following the breakdown of negotiations for a new nuclear power plant contract in Dukovany, Czech Republic. After failing to reach an agreement on contract terms with Korea Hydro & Nuclear Power, Daewoo requested public mediation from the Ministry of Trade, Industry and Energy, but the government clarified that it has no legal authority to intervene in commercial negotiations between companies. Korea Hydro & Nuclear Power stated that despite 91 discussions, including CEO meetings and working-level talks, they have not reached an agreement and are moving forward with the process of selecting a new contractor. Hyundai Engineering is also considering participation once the schedule and conditions for re-bidding are finalized. Daewoo is demanding renegotiation, citing significant loss risks if a fixed-price contract is signed without a completed basic design. The company expressed concerns that if their participation in the project falls through, it would inevitably disrupt their strategy for expanding overseas nuclear projects, having already invested hundreds of millions of won upfront. Korea Hydro & Nuclear Power plans to select a new contractor by July 2027 to meet the scheduled site stabilization date in January 2029.Jin Air, Air Seoul, and Air Busan Merger Approved; 'Integrated Jin Air' Launching in MarchJin Air, Air Seoul, and Air Busan have received government approval for their merger, set to launch as 'Integrated Jin Air' on March 17, 2027. The Ministry of Land, Infrastructure and Transport announced on November 12 that the merger was approved under conditions including the establishment of a safe flight operation system and implementation of consumer protection plans. The merged airline is expected to become the largest low-cost carrier (LCC) in the country. Jin Air must complete safety operation system inspections and obtain approvals from foreign aviation authorities before the launch, with the Ministry monitoring compliance with related plans monthly. Busan will be developed as the second hub for the integrated airline, expanding international routes from Gimhae Airport from 28 to 33 and increasing weekly flight frequencies from 281 to 339. The existing infrastructure of Air Busan will be maintained, and the airport will be developed as an independent aircraft maintenance base, with plans for employee retention and no forced restructuring during the merger.* This article has been translated by AI.