Anchor: Prices of apartments in Seoul are surging at an alarming rate, raising questions about the central and local governments’ policies on keeping housing prices in check. 
Our Bae Joo-yon has more. 

Report: According to property Web site Real Estate 114 on Friday, the sale price of apartments in Seoul grew point-57 percent in the last week of this month, posting the highest weekly growth this year. 

Apartment prices in the capital surged 12-point-42 percent between January and August, already topping growth posted for the entire year of 2017. 

Seoul apartment prices have been soaring since Seoul Mayor Park Won-soon unveiled plans last month to develop the Yongsan and Yeouido districts and after the city announced two weeks ago that it will build four light railway lines. 

Following the surge in prices, Mayor Park announced on Sunday that the city will hold off on its development plans for the two areas until the real estate market cools off. 

The following day, the government designated more districts as speculative investment zones and tightened regulations on taking out loans for the lump-sum deposit home rental system known as "jeonse."

Chairman of the ruling Democratic Party Lee Hae-chan and presidential chief policy adviser Jang Ha-sung on Thursday underlined the need to stabilize the real estate market, saying stronger steps will be considered if deemed necessary. 

The government is seeking to cool off demand for speculation in the real estate market by increasing the comprehensive real estate tax rate for properties priced 600 million won or more and for multiple homeowners. It also plans to raise the "official" value of real estate by gradually increasing the taxable rate of a property to 90 percent by 2020. 

However, analysts believe that the rise in housing prices is expected to continue for the time being given the lack of other fields for investment. 

The government is set to unveil further measures to stabilize the real estate market around the Chuseok holidays in late September after watching the market situation.   
Bae Joo-yon, KBS World Radio News.