SEOUL, July 03 (AJP) — More than half of young South Koreans are disgruntled with the current administration's housing policy amid sky-high rent prices.
A survey released Friday by polling firm Korea Gallup showed that 46 percent of respondents viewed the President Lee Jae Myung administration's housing policy negatively, compared with 26 percent who viewed it positively.
Negative sentiment was strongest among younger adults, with 56 percent of people in their 30s and 51 percent of those in their 20s giving the policy a negative rating, while positive ratings stood at just 15 percent and 17 percent, respectively.
The findings mark a sharp reversal from four months earlier. Positive ratings of the administration's housing policy fell from 51 percent in March — the highest level since 2013 — to 26 percent, while negative ratings rose from 27 percent to 46 percent.
For critics, the biggest complaint was the government's failure to curb rising home prices, cited by 21 percent of respondents. Another 10 percent pointed to tighter lending limits, while 8 percent said the policy imposed excessive regulation.
Supporters, by contrast, cited the administration's efforts to stabilize home prices, at 14 percent. Restrictions on multiple-home owners followed at 13 percent, while 6 percent cited higher property taxes.
Expectations for further price increases also remained firmly entrenched. 55 percent of respondents said home prices would rise over the next year, compared with 14 percent who expected them to fall and 21 percent who predicted little change.
The outlook was especially pronounced among younger respondents, with 69 percent of those in their 30s and 68 percent of those in their 20s expecting housing prices to climb further.
The survey also showed continued support for the country's jeonse system, a lease arrangement in which tenants pay a large lump-sum deposit instead of monthly rent.
A majority of respondents (54 percent) said the system should be maintained, while 28 percent said it should be phased out.
The survey was conducted between June 30 and July 2 through telephone interviews using randomly selected mobile phone numbers. It surveyed 1,005 adults aged 18 and older and has a margin of error of plus or minus 3.1 percentage points at a 95 percent confidence level.
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