South Korea's President Lee Hits New Approval Low as Housing Anger Grows

South Korean President Lee Jae-myung's approval rating has dropped to a fresh low, capping an eighth consecutive week of decline as public frustration over housing and other policies deepens in the second year of his five-year term.

A Realmeter survey released on Monday found that 63.3% of respondents disapproved of Lee's performance, while 33.8% said he was doing a good job. The pollster attributed the slide to dissatisfaction with housing policy and controversy over cabinet appointments, including the withdrawal of a gender equality minister nominee and ethics violation accusations against the justice minister nominee.

Lee has not publicly addressed his falling popularity, saying earlier in his presidency that the finish line is what matters. "There's no point talking about a goal for what kind of support I'd like to get," he said last year. "I'm going to do my best with the expectation that it'll be higher when I finish."

Concerns are mounting within his Democratic Party and among supporters about whether the decline can be reversed in time to protect the liberals' parliamentary majority in elections due in two years. A prominent liberal pundit and early Lee supporter noted last month that no president has recovered after falling into the 30% range.

A Blue House spokesperson said Lee plans to speak directly to the public in a format still being reviewed. The spokesperson described the falling ratings as a compound result of policy issues such as real estate and the stock market, along with political matters, adding that the administration is listening to the public with a heavy sense of responsibility.

Housing has emerged as a central source of discontent, echoing the challenge that dogged the previous liberal president, Moon Jae-in. Lee has pledged to curb property speculation by raising taxes on owners of multiple and high-value homes while tightening borrowing rules for leveraged purchases. Critics argue these measures have left many prospective buyers feeling shut out of urban housing markets.

A debate over developing 2,800 acres of land in Seoul's Yongsan district, including a 740-acre parkland slightly smaller than New York's Central Park, into high-density housing has underscored competing demands for homes and green space. Lee had promised during his campaign to create a "Central Park for Korea," but the issue has become politically sensitive as pressure to boost housing supply intensifies.

An urban development commentator said Lee has created the impression that he is listening more to those who want to keep Seoul a "boutique city" rather than a mass housing market.