[EXPLAINER] Why real estate remains one of Korea's most sensitive issues

A live, nationally televised housing policy forum led Thursday by the president himself, a rarity in many countries, highlighted the outsized role real estate plays in Korea’s economy and society.

Experts say housing has become more than just shelter for Koreans, serving as a primary store of wealth, a means of securing retirement and a pathway to social mobility amid scarce supply in the Seoul metropolitan area.

President Lee Jae Myung convened the public discussion on real estate policy, bringing together some 140 participants, including Prime Minister Han Seong-sook, Finance Minister Koo Yun-cheol, as well as representatives from the financial and construction industries, academia, civic groups, real estate brokers and social media influencers.

The level of public engagement was evident even before the cameras started rolling.

Since the forum’s official website opened on July 12, people have submitted more than 6,300 policy proposals.

What was scheduled as a 100-minute discussion ultimately stretched beyond three hours as participants continued to debate the country’s housing ch ...