A day after the government laid out measures to curb real estate prices housing market trackers and
experts are divided on whether they think the measures could reduce speculative practices this time since they failed to do so for years.
"I think the government's measure is very timely. If the government increases housing supply and continues to regulate multiple home owners, I think the prices will be stabilized."
This move comes after Seoul's housing prices showed no signs of stabilizing over recent months.
Apartment prices in Seoul surged to their highest level in six years soaring nearly 5-percent during the January to July period of this year according to data by the Bank of Korea.
One expert says that this is because other investment options don't look as promising as housing.
"The amount of liquid funds is estimated at around 984.6 billion U.S. dollars. It has nowhere to go because the key interest rate is very low. People can't turn to the stock market because it is unstable due to the ongoing trade war between the U.S. and China."
This is the 8th measure that the Moon Jae-in administration has unveiled to try to cool down property prices.
In June 2017, it applied stricter lending regulations.
Last August, it listed some affluent districts as speculative zones, subjecting them to tougher tax.
In November 2017, it announced plans to provide one-million homes for young people and newlyweds.
And just last month, it designated additional areas as speculative zones or overheated zones.
"Most of the government measures so far, including the one released this September, are regulatory policies. They're not helpful in solving the root of the problem, which stems from a lack of housing supply in populated areas."
"The government is looking to release detailed plans to increase housing supply next Friday and those plans are expected to include the lifting of building restrictions on greenbelt land.
Ko Roon-hee, Arirang News."