Minister of Land, Infrastructure and Transport Kim Yun-duk said it may be necessary to expand housing regulations amid concerns about ballooning prices in areas without restrictions, following the government's implementation of new real estate measures on October 15.

Kim made the statement during a full session of the National Assembly’s Land, Infrastructure and Transport Committee when asked whether there is a need to adjust regulated areas.

Kim said that though it’s essential to pursue the measures, the government is continuously studying market conditions, which he described as dynamic.

In particular, the minister said real estate prices in cities such as Hwaseong and Guri in Gyeonggi Province, which are not subject to the new real estate measures, have surged, sparking concerns of a balloon effect.

He said the government will closely monitor market conditions and decide whether to reduce or expand the scope of regulated areas accordingly.

The government’s October 15 real estate rules classified all of Seoul and parts of Gyeonggi Province as regulated zones, broadening the reach of its land transaction permit system and mandating government approval for property sales.