President Lee Jae Myung has directed his office and the Cabinet to prevent owners of multiple homes from influencing real estate policies as part of efforts to combat long-standing housing speculation. He emphasized the need to exclude multiple home owners, those with expensive properties not in use, and owners of “excessive” properties from discussions and decisions related to home and real estate policies. Lee stressed the importance of eradicating real estate speculation for the transformation of South Korea, emphasizing the critical nature of flawless real estate and home policies.
Lee’s administration aims to address speculative home ownership, stabilize the property market, and enhance public access to housing. He highlighted that the issue does not lie with multiple home owners or expensive property holders themselves but with public officials who have facilitated favorable conditions for multiple home ownership through tax, banking, and regulatory frameworks. Lee emphasized that officials who exploit these systems for speculative gains should face criticism and sanctions, advocating for their exclusion from real estate policy-making processes.
To demonstrate his commitment to addressing real estate challenges, Lee has listed his private residence for sale at a price below market value. Additionally, the government plans to lift the temporary halt on heavy capital gains taxes in May, signaling further measures to regulate the property market and discourage speculative investments.
