Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok, second from right, speaks as he presides over a meeting of real estate policy-related ministers at the Government Complex Seoul, Thursday. Yonhap

The government is urged to curb home prices in Seoul as they have been accelerating at a faster pace for months and heighten concerns over the overpriced housing market in the nation’s most densely-populated city.

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok convened a meeting of real estate policy-related ministers on Thursday to discuss possible measures to bring down the city’s housing prices.

Such a meeting took place for the first time in 10 months after multiple data showed that prices of apartments, the country’s most popular type of residence, have mostly recovered from stalemate and have been climbing steeply in Seoul.

“The government is closely monitoring the housing market in Seoul as the pace of price growth in apartments is expanding,” he said during the meeting at the Government 토토 Complex Seoul, adding, “The government will promptly take action when it detects demand for speculation and other signs of overly heated transactions.”

To increase housing supply in Seoul and the surrounding area, Choi said the government will lift restrictions on greenbelts or development-restricted areas in the second half of the year for 20,000 new homes.

The government also plans to supply 236,000 new homes at lower-than-market prices by 2029.

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