Seoul left out of government's real estate forum? Oh Se-hoon weighs his options

As the government prepares a national real estate forum, attention is turning to whether Seoul Metropolitan Government will take part and make its case directly. With home prices in Seoul continuing to climb, city hall says it wants to air its housing policy views publicly — but fears it may not be invited, and is now drawing up its own plan to ensure its voice is heard.

Seoul is reviewing a separate response strategy in connection with the government's planned "National Real Estate Forum," according to industry sources Wednesday.

"We have not received any request from the government to attend the forum," a Seoul city official said. "There are concerns that the city's views may not be adequately reflected, and we are thinking about how to address that."

The government is understood to be organizing the forum this month ahead of its fifth comprehensive real estate package, with the aim of gathering public input and fine-tuning policy details. The Ministry of Economy and Finance, the Ministry of Land, Infrastructure and Transport, and the Financial Services Commission are jointly preparing the event, which is expected to run about two hours.

Supply, lending and taxation are expected to be the main topics on the agenda. Kim Yong-beom, the presidential office's policy chief, said the government intends to hear "a truly wide range of views, including from those with a direct stake — even members of parenting online communities."

Industry watchers say Seoul and the central government have clashed over key issues including housing supply policy and deregulation of redevelopment projects, and warn that excluding the city from the forum could leave on-the-ground realities underrepresented.

"Seoul is directly affected by government policies on supply, lending and taxation, and the recent surge in home prices owes no small part to a balloon effect originating in Seoul," said Song Seung-hyeon, head of the Urban Economy research firm. "Seoul needs to coordinate policy with the central government, so if a forum is held, the city should participate directly and hear the diverse views of residents."

Mayor Oh has separately asked the presidential office for a one-on-one meeting to present his plans for stabilizing the real estate market and expanding housing supply.

He is also scheduled to attend a Cabinet meeting on Tuesday. Oh is expected to press hard on deregulation of redevelopment projects and instability in the rental market. However, observers note it may be difficult for him to secure sufficient speaking time, as elected mayors and governors from the ninth round of local elections — along with representatives of the mayors and county chiefs association — will also be present.

Separately from Oh's planned visits to housing project sites, Seoul is also considering hosting its own forum to gather views from real estate experts and residents. "A specific schedule and format have not been decided yet," a city official said. "But if we do hold a forum, wouldn't it be necessary to take a comprehensive look at how the government's tax reform proposals and any additional real estate measures would affect the market?"