Seoul: Finance Minister Koo Yun-cheol said Monday the government will focus on stabilizing the housing market to ensure residential stability for the public, amid a recent surge in home prices in Seoul.

According to Yonhap News Agency, Koo emphasized the government's commitment to managing supply and demand in the real estate market in a balanced way. He outlined this goal during a parliamentary audit of the Ministry of Economy and Finance, highlighting the need for stable housing for the populace.

In recent months, home prices in Seoul and parts of the surrounding Gyeonggi Province have sharply increased. The government is reportedly preparing to announce a set of measures aimed at stabilizing the housing market later this week.

Koo also stressed the importance of revitalizing the economy and stabilizing people's livelihoods, noting signs of recovery in consumer sentiment and retail sales in the second half of this year. "The economy is regaining vitality, as shown by the recent turnaround from the sluggish growth trend seen since the second quarter of 2024," he added.