Opposition parties on Wednesday criticized the government's new measures to stabilize an overheated real estate market as being "against market principles" and lacking fundamental solutions.

The government laid out a new package of measures, including increasing capital gains taxes on multiple-home owners, restricting the resell of purchase rights of new apartments and zoning some affluent districts in Seoul for tougher anti-speculation regulations.

"Government cannot defeat the market," Song Seog-jun, a lawmaker of the main opposition Liberty Korea Party, said during a party meeting.

"I am concerned that there seems to be too many policy measures that are against market principles when there needs to be a fundamental review of anachronistic regulations," the lawmaker added.

The minor opposition Bareun Party dismissed the measures as "short-sighted," underscoring they fail to factor in "structural problems" such as the fast-graying population and low growth.

"They are regulatory measures that befit the past era of high growth and development," the party's policy panel said in a statement.

"The measures were drafted based apparently on the judgment that real estate prices have risen due to speculative demand, but there are structural causes such as the aging population and speculation by the middle class that has been spurred by the low interest rate," it added.

The panel also raised the possibility that tougher regulations could lead to a slump in domestic consumption.

Lee Hye-hoon, the leader of the Bareun Party, voiced concerns that the policy package could replicate a failure of policies adopted under the former Roh Moo-hyun government. President Moon Jae-in was a key aide of the late president who led the country from 2003-2008.

"I hope that (the policy measures) that run counter to market principles would not become Season Two of the Roh administration's policy," Lee said during a party meeting.

Lee proposed that the government boldly relax regulations on the provision of homes in the Seoul metropolitan area to help ease chronic housing problems and consider measures to shift capital flow into investment assets rather than real estate.

The People's Party described the new policy package as "stopgap measures," calling for fundamental solutions.

"Absent fundamental solutions, there are limits in curbing real estate speculation and stopping price hikes," Lee Yong-ho, the party's policy chief, said in a statement.

Lee added that there must be more affordable public rental homes for the newly-wed and other regular citizens, and expand price caps on new apartments. 

Kim Dong-cheol, the party whip, called for a more "systematic" approach to handling the overheated market, warning that any "belated, lukewarm" government response would only backfire.

"Looking at the policy failure by the former Roh government, the Moon administration should craft more thorough measures," Kim said.

The Justice Party criticized the latest measures as "fragmentary and localized."

"There should definitely be a clear policy direction to stabilize the housing prices and a fundamental improvement of the overall (regulatory) regime," Chu Hye-sun, the party spokeswoman, told reporters. (Yonhap)