Seoul, March 22 — President Lee Jae Myung on Sunday said he has directed both his office and the Cabinet to bar owners of multiple properties from participating in the formulation of real estate policies, as part of a broader push to curb housing speculation.
In a post on X, Lee stated that individuals who own multiple homes, hold high-value properties without residing in them, or possess what he described as “excessive” real estate assets should be excluded from all stages of policymaking — including discussions, drafting, reporting, and approval.
Calling housing reform a key national priority, he wrote that “escaping the real estate republic is a central task for the transformation of the Republic of Korea,” adding that there must be no loopholes or weaknesses in property-related policies.
Lee has made tackling speculative property ownership a cornerstone of his administration, with a focus on stabilizing the housing market and improving access to homes, according to Yonhap News Agency.
He clarified that owning multiple or high-value homes is not inherently wrong, but criticized public officials who created or overlooked systems—such as tax, banking, and regulatory frameworks—that enabled speculative investment. He argued that officials who exploited or ignored such loopholes should face criticism and possible sanctions, and should not be involved in shaping real estate policies.
As a signal of his commitment, Lee has put his own private residence on the market at a price below prevailing rates.
The government is also preparing to reinstate heavy capital gains taxes in May, ending a temporary suspension of the measure.
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