Lee Jae-myung's approval rating has fallen again, marking the ninth consecutive weekly decline. According to the latest poll from Real Meter, his support stands at 33.8%, down 3.6 percentage points from a week earlier, hitting a new low since he took office in June of last year. The disapproval rate rose 3.8 percentage points to 63.3%. The survey was conducted from September 7 to 11 among 2,515 adults nationwide regarding Lee's governance performance.

This decline has also impacted the ruling party's performance. Another poll by the same agency on political parties showed the ruling Democratic Party's support falling 5.7 percentage points to 36.1%, while the main opposition People Power Party's support rose 4.5 percentage points to 42.1%. Similarly, a Gallup Korea survey released on September 11 found 38% of respondents approved of Lee's job performance, 51% gave negative ratings, and 11% were undecided—also his lowest record since taking office in June 2025. In response to the continuous drop in approval ratings over the past two months, Prime Minister Han Sung-sook stated the government would take the situation seriously and reflect on shortcomings to make improvements. Lee Jae-myung is scheduled to hold a press conference at 10 a.m. on the 18th local time to clarify his stance on various hot-button issues.

Housing Policy Sparks Discontent Among Young Voters

Across multiple surveys, Lee Jae-myung has lost the most support among young South Koreans. Real Meter data shows approval among the 18-29 age group plunged 10.2 percentage points from the previous week. Within this bracket, men in their 20s gave Lee a 19.6% approval rating, while women in the same age group stood at 17.6%—both falling below the 20% threshold. For those in their 30s, approval slid 2.8 percentage points to 27%. Lee's support among those in their 50s, 60s, and 70s and older stood at 42.6%, 35.4%, and 34%, respectively, also showing declines. Regionally, support in Gwangju, South Jeolla, and North Jeolla—traditional strongholds for Lee's progressive camp—dropped 5.5 percentage points to 55.9%.

Among respondents' negative evaluations, housing policy ranked first at 24%, significantly ahead of personnel issues (16%) and economic livelihood (10%). The Lee administration has not been passive on housing. For instance, mortgage limits were tightened in October last year, but these measures inadvertently hurt many young homebuyers already short on funds, making home purchases even more unattainable. Additionally, Lee has advocated raising holding taxes on owners of multiple homes and high-priced properties to curb speculation. However, this sparked backlash, as landlords raised rents to pass on the new tax burden to tenants or simply withdrew properties for personal use, further shrinking housing supply. On August 3, the government announced a tax reform plan to lower the basic deduction for comprehensive real estate tax for non-owner-occupied single-home owners from 1.2 billion won to 900 million won, and raise the cap on tax increases from 150% to 200%. After opposition from the ruling party and public opinion, the original 1.2 billion won deduction and 150% cap were restored on September 1.

Data from the Korea Real Estate Board shows that in July 2026, the national apartment purchase price index rose 0.44% month-on-month, with jeonse (deposit-based rent) prices up 0.49%. The Weekly Apartment Price Trends Survey released on September 6 indicates Seoul apartment prices have been on a continuous uptrend since turning positive at 0.004% in the third week of January 2025, reaching a 0.219% gain in the fifth week of August 2026, marking 85 consecutive weeks of increases. Zhan Debin, vice president of the Shanghai Association for Korean Peninsula Studies and director of the Korean Peninsula Research Center at Shanghai University of International Business and Economics, told media that the latest round of real estate tax policy aims to curb speculative investment, but implementation remains challenging. "Rising home prices hit the younger generation the hardest," he said. He also noted a historical pattern: whenever the Democratic Party holds power, housing prices rise, citing the Roh Moo-hyun, Moon Jae-in, and current Lee Jae-myung administrations. "It's undeniable that while these governments introduced the most housing price measures, price increases were also the largest, inevitably fueling young people's dissatisfaction." Zhan also pointed to the Seoul mayoral election in early June, where People Power Party candidate Oh Se-hoon narrowly defeated Democratic Party candidate Jung Won-woo to retain his seat. "Korea's housing problems are concentrated in Seoul, so it's understandable why the ruling party failed to secure this key position in the election."

Meanwhile, a new driver has emerged for rising housing prices. The Bank of Korea has warned that excess dividends from AI are flowing into the real estate market, further fueling Korea's persistently high housing costs.

Possible Military Deployment to the Strait of Hormuz Raises Concerns

Beyond housing, pollsters attribute Lee's declining approval to controversies over new cabinet appointments and a potential military deployment to the Strait of Hormuz. On August 30, the presidential office announced a cabinet reshuffle, with Lee nominating candidates for several ministerial posts. Among them, Yong Hye-in, a Basic Income Party lawmaker nominated as Minister of Gender Equality and Family, faced criticism for refusing to give up her parliamentary seat and improperly arranging her spouse's employment, leading her to withdraw her nomination on the 13th. Additionally, Justice Minister nominee Kim Seung-won was accused of illegal lobbying.

After U.S. President Donald Trump repeatedly named South Korea over the past eight-plus months for insufficient contributions to Middle East stability, the presidential office has signaled it is considering deploying forces to the Strait of Hormuz, sparking political debate. Most public opinion opposes the deployment, with street protests continuing since early September. A joint survey of four pollsters from September 7 to 9, covering 1,002 adults, showed 45% opposed, 36% supported, and 19% undecided. Opposition was strongest among ruling party supporters at 55%, with those in their 40s and 50s showing opposition rates of 54% and 59%, respectively. As of mid-September, the government has yet to make a final decision on deployment. It was reported that South Korea and the U.S. plan to hold routine high-level defense talks this week.