Ruling Party Eyes Seoul Mayoral By-Election; Real Estate Sentiment a Challenge Amid Heavyweight Candidate Field

[Financial News] Kim Min-seok, leader of the Democratic Party of Korea, said on the 23rd that he was preparing for next year’s Seoul mayoral by-election, placing greater weight on the possibility that Seoul Mayor Oh Se-hoon could lose his office. Within the party, heavyweight figures are being discussed as potential candidates, but public sentiment in Seoul over real estate policy and calls to check the government and ruling party are seen as key variables.
Appearing on the Democratic Party of Korea’s official YouTube program “Minti07” that day, Kim said, “I had said there would clearly be a guilty verdict in the first trial (on Mayor Oh’s alleged violation of the Political Funds Act).” He added, “It’s difficult to be certain, but I haven’t found any circumstances or new developments that could change the first-trial guilty verdict, so I’m putting more weight on the ruling being upheld as it stands.”
Oh was previously sentenced at trial to a fine of 10 million won, a penalty that would cost him his mayoral office. If the same sentence is upheld in the appeal ruling scheduled for 2 p.m. today, the Democratic Party of Korea’s election preparations are also likely to pick up pace. However, whether he actually loses his office will be decided only once the sentence is finalized.
“We are preparing ourselves mentally,” Kim said, explaining, “What that means is that the likelihood of having another Seoul mayoral election is increasing.” He added, “From our standpoint, it’s better to think and look at it that way.” He said preparations are being reviewed under the leadership of Kim Young-bae, chair of the party’s Seoul chapter.
He also showed concern about how the party would select its candidate. Kim said, “There could be candidates from various factions, as well as candidates from outside the party, so we’ll have to go through various processes as we prepare during this short period...” He was referring to the party’s efforts to consider candidates being discussed both inside and outside the party and to find a way to bring together the capabilities needed for the election.
Chief Spokesperson Park Seong-jun also told reporters after the Supreme Council meeting that day that, in a closed-door meeting, party leaders had agreed to watch the outcome of Mayor Oh’s appeal ruling and prepare a response accordingly.
Within the Democratic Party of Korea, heavyweight figures currently being discussed as potential candidates include former presidential chief of staff Kang Hoon-sik, former National Assembly Speaker Woo Won-shik, and former party leader Jung Cheong-rae.
Lawmaker Park Joo-min, who advanced to the final round of the Seoul mayoral primary in the previous local elections, is also reportedly preparing to run again. Park announced his intention to seek the Seoul mayoralty again soon after the first-trial ruling against Mayor Oh.
The problem is that even if another election is held, the Democratic Party of Korea cannot be confident of victory. A particular burden is that public sentiment in Seoul remains cool toward the government and ruling party’s real estate policies. Real estate issues such as redevelopment and reconstruction are also intertwined with voting in the Han River Belt, a key battleground in the Seoul mayoral race.
In the previous local elections, Jeong Won-oh, then the Democratic Party of Korea’s candidate for Seoul mayor, generally led in areas where the party had traditionally been strong. But in the Han River Belt, where redevelopment and reconstruction issues were concentrated, he failed to secure enough support and allowed Mayor Oh to overtake him. This is why concerns are being voiced within the party that victory cannot be taken for granted even if a by-election is held.
The analysis is that the Democratic Party of Korea’s task is to offer policies that restore public confidence on real estate while strengthening its candidate’s competitiveness. Reforms to laws and institutions governing real estate taxation and housing supply are expected to emerge as major issues. There are also calls for the party to show tangible results in people’s daily lives if it is to overcome sentiment favoring checks on the government and ruling party.

[email protected] Kim Hyeong-gu Reporter