The South Korean government says it will maintain the framework for its real estate policies that aim to increase the housing supply and curb soaring prices, even after the ruling party suffered a huge defeat in Wednesday's by-elections.

At a meeting with officials on Thursday, Finance Minister Hong Nam-ki said the policies that aim to curb speculation, protect end-users and eradicate unfair transactions must be kept to achieve stability, regardless of party line.

Hong added that administrative procedures behind increasing the housing supply can not be carried out by the central or local government alone.

The remarks come as newly elected Seoul Mayor Oh Se-hoon affiliated with the main opposition pledged to ease regulations on redevelopment.

The minister then expressed hope that the central and local governments can more closely cooperate in enforcing the set of housing supply measures announced in February.