Civic groups file constitutional complaint against gov't property market measures

National 18:18 July 27, 2020

SEOUL, July 27 (Yonhap) -- Civic groups, including one represented by a former lawmaker, on Monday filed a complaint with the Constitutional Court, saying the government's recent property market measures infringed on their property rights.

The South Korean government in June and July unveiled tightened property market measures -- including raising property ownership tax rates for multiple home owners and limiting loans -- in efforts to rein in surging property prices here.

In Monday's move, members of several civic groups, including one led by former lawmaker Lee Un-ju, accused the government's June 17 and July 10 measures of infringing upon their home ownership, in addition to neglecting the trust of those who believed in the government's old property market policy.

They claimed that the new measures consider all multiple home owners as "speculative" and that the government has damaged the property rights of some of these people by having the measures go into effect retroactively.

"(The government) should not suppress the ownership of people who want to have their own homes, however small it may be," said Lee, questioning whether those who need loans to buy a house are not eligible to become home owners.

Despite the government's multiple announcements on new property market policies, real estate prices, in particular apartments, have continued to soar, driven by ultra-low interest rates and excess liquidity.

President Moon Jae-in has said he will use all available measures in the fight against property speculation and soaring housing prices, especially around the greater Seoul area.