Ruling party leader’s plan to relocate legislative branch promises potential benefits for housing market
Ruling People Power Party interim leader Han Dong-hoon announced on Wednesday plans to fully relocate the National Assembly to Sejong City and transform the existing site in Yeouido into a cultural and financial hub. The relocation aims to resolve administrative inefficiencies, promote balanced national development and revitalize the local economy. Han emphasized that the move would make Sejong City “a true capital of politics and administration.”
Han also pledged to lift development restrictions in Yeouido and its surrounding areas, enabling Seoul to become a mega-city centered on finance and culture. He expressed confidence that the complete relocation of the National Assembly would serve as a catalyst for Seoul’s development, particularly in the adjacent areas of Mapo, Yeongdeungpo, Dongjak, Yangcheon and Yongsan. Han further stated that the move would help eradicate “Yeouido’s political culture” and restore trust in the National Assembly.
Why It Matters
Han’s pledge to relocate the National Assembly to Sejong City and lift development restrictions in Yeouido has gained support from President Yoon Suk-yeol, who, according to a presidential spokesperson, “pledged to open the National Assembly Sejong Building” during his campaign. The spokesperson also added that Yoon expressed his belief that “parliamentary democracy can be realized and administrative efficiency can be achieved when the legislature and administrative departments are in close proximity.”
Former President Roh Moo-hyun initially planned to move the entire central government from Seoul to Sejong City in 2003 but was blocked by the Constitutional Court, which ruled in 2004 that relocating the capital away from Seoul was unconstitutional. Since then, multiple ministries have moved to Sejong City, with only the foreign, defense, unification and gender ministries remaining in Seoul.
However, Han’s pledge and the presidential office’s announcement comes just two weeks before the parliamentary elections, raising questions about its timing and political motives. Despite this, Yoon’s support and the potential benefits for the real estate sector may bolster the proposal’s popularity among voters grappling with Seoul’s housing affordability crisis.
If implemented, the move could lead to a construction boom in Yeouido and surrounding areas, increasing housing supply and potentially easing price pressures. However, critics may argue that the announcement is primarily an attempt to shore up votes before the election rather than a genuine effort to address the country’s regional development disparities.
Ruling People Power Party interim leader Han Dong-hoon announced on Wednesday plans to fully relocate the National Assembly to Sejong City and transform the existing site in Yeouido into a cultural and financial hub. The relocation aims to resolve administrative inefficiencies, promote balanced national development and revitalize the local economy. Han emphasized that the move would make Sejong City “a true capital of politics and administration.”
Han also pledged to lift development restrictions in Yeouido and its surrounding areas, enabling Seoul to become a mega-city centered on finance and culture. He expressed confidence that the complete relocation of the National Assembly would serve as a catalyst for Seoul’s development, particularly in the adjacent areas of Mapo, Yeongdeungpo, Dongjak, Yangcheon and Yongsan. Han further stated that the move would help eradicate “Yeouido’s political culture” and restore trust in the National Assembly.
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