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Prime Minister Kim Min-seok (center) speaks with Democratic Party leader Jung Chung-rae and other participants during a high-level policy coordination meeting at the prime minister’s official residence in Jongno-gu, Seoul, on October 12. / Source: Park Seong-il

The government will announce new housing market stabilization measures this week aimed at curbing overheating in parts of Seoul and Gyeonggi Province, officials said Sunday, as the ruling bloc expressed concern that recent property price surges could threaten housing security and weaken the broader economy.

At a press briefing following the fourth high-level policy coordination meeting between the government and the ruling Democratic Party, Chief Spokesperson Park Soo-hyun said the two sides “shared the view that the recent dynamics in the Seoul and Gyeonggi housing markets require strict monitoring.”

“Instability in the housing market undermines ordinary citizens’ residential stability, increases household burdens, and dampens consumption, thereby weakening overall economic momentum,” Park said, adding that the government would unveil concrete measures “at an appropriate time within this week.”

The new plan is expected to focus on curbing speculative demand and stabilizing home prices in overheated districts of the capital region. The move comes amid growing political pressure to ease housing costs for working-class families and restore market confidence.

Separately, the government and ruling party agreed to minimize the summoning of corporate executives during the upcoming National Assembly audit beginning October 13, allowing businesses to focus on recovery and global trade challenges.

“The party and government agreed the audit should serve to normalize the nation and restore livelihoods,” Park said. “We also decided to examine whether senior executives could be replaced by working-level officials when testimony is not strictly necessary.”

Park added that the meeting did not touch on judicial or media reform issues, nor on the question of whether Presidential Senior Secretary Kim Hyun-ji would appear before the audit committee.