It comes down to real estate: Housing concerns earn Oh fifth-term victory

Seoul Mayor Oh Se-hoon secured a historic fifth term Wednesday in one of the closest and most-watched races of South Korea's local elections, with some analysts pointing to housing concerns and property values as decisive factors behind his narrow victory.

The conservative People Power Party candidate won 49.15 percent of the vote, edging out Democratic Party of Korea challenger Chong Won-o, who garnered 48.13 percent.

The result defied preelection surveys and exit polls that had largely suggest ...