Former South Korean Deputy Prime Minister and Minister of Economy Choi Kyung-hwan asserted that individuals who purchased homes in 2015 based on his advice are currently financially secure, according to a report from the JoongAng Ilbo. Choi made the statement during a recent appearance on the YouTube broadcast ‘Lee Dong-jae’s News Cabinet’ on February 10, 2026.
“The media portrayed my comments as ‘borrow and buy a house,’ but I never said those exact words,” Choi stated, as reported by the JoongAng Ilbo. “However, I’ve received feedback from people saying, ‘I’m glad I bought a house then, it would have been a disaster if I hadn’t,’ and ‘Thank you for the good advice.’”
Choi’s comments refer back to July 2014, when he suggested that prospective homebuyers could transition from renting to owning by leveraging available credit, given that rental prices were already at 70% of home values. He posited that securing additional financing to cover the remaining 30% would be a viable path to homeownership. Following these remarks, the economic team at the time implemented regulatory changes and lowered interest rates. The policies became known as “Choinomics” by the South Korean media.
During the broadcast, Choi argued that government intervention, particularly from administrations with progressive ideologies, often leads to increased housing prices through the implementation of restrictive regulations. He maintained that such regulations are ultimately ineffective in controlling the housing market. He specifically cited the previous administration’s repeated interventions, noting that 26 regulatory measures were enacted during its tenure.
“Unless they abandon ideologically driven regulations, they cannot overcome the market,” Choi said, according to the JoongAng Ilbo report. He further criticized the current government’s stringent lending restrictions and land transaction permits, questioning their effectiveness in curbing rising home prices. “But are house prices falling? No. The answer is that regulations cannot control house prices,” he stated.
