Seoul Mayor Park Won-soon said on Sunday that the city will postpone its plans to redevelop the Yeouido and Yongsan areas as housing prices continue to rise steeply. 

Park made the announcement during an unscheduled press conference at City Hall, saying that he fully agrees with the government's stance that stabilizing the housing market should be the first and foremost step. 

The mayor said that the city will suspend its plan to redevelop the districts until the housing market stabilizes and the city will set up and operate a real estate inspection team under the deputy mayor. 

Housing prices in both Yeouido and Yongsan have been skyrocketing since Park unveiled a plan last month to bring landscape changes to the areas.