Lee vows to rein in real estate speculation 'by any means necessary'
Published: 03 Feb. 2026, 10:36
-
- LIM JEONG-WON
- [email protected]
![President Lee Jae Myung speaks at a senior aides' meeting at the Blue House in Jongno District, central Seoul, on Jan. 29. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2026/02/03/9568e8cd-1c6e-48ea-9c80-fbbb6e4e42e1.jpg)
President Lee Jae Myung speaks at a senior aides' meeting at the Blue House in Jongno District, central Seoul, on Jan. 29. [YONHAP]
President Lee Jae Myung on Tuesday pledged to rein in real estate speculation, which he said threatens the country's future, vowing to stabilize the housing market "by any means necessary."
Lee made the remarks in a post on social media platform X, as the government is redoubling efforts to cool the overheated property market in the Seoul metropolitan area.
"For the sake of a reasonable and prosperous nation, [I] will put an end to real estate speculation that could ruin the country by any means necessary," Lee wrote, describing such speculation as "utterly absurd."
Lee shared a link to a news report criticizing conservative and business newspapers for highlighting concerns raised by owners of multiple homes who would face hefty capital gains taxes when a temporary tax exemption expires in May.
"I ask those who shed tears for multiple home owners seeking windfall profits," he wrote. "Don't you see the blood and tears of millions of young people who give up marriage and childbirth because of soaring housing costs?"
"They say money is the devil, but surely, has the devil taken away even the slightest bit of conscience?" Lee asked.
Currently, capital gains taxes on real estate sales range from 6 to 45 percent. Owners of two homes in designated speculative zones face an additional 20 percentage points, while those owning three homes are subject to a 30 percentage-point surcharge on top of the base rate.
![Apartment complexes in Songpa District, southern Seoul are seen on Feb. 1. [NEWS1]](https://koreajoongangdaily.joins.com/data/photo/2026/02/03/8699c2de-e636-41cf-8e9a-5afaf43b7098.jpg)
Apartment complexes in Songpa District, southern Seoul are seen on Feb. 1. [NEWS1]
Lee said the government's decision to end the exemption in May is not "an intimidating bluff but a recommendation," stressing that the move is "necessary and beneficial for all."
Addressing skepticism over the effectiveness of real estate policies, Lee said the government has ample tools at its disposal to curb housing prices.
"If we set aside immediate considerations of advantage and disadvantage, there are numerous policy measures we can employ," he said.
"As the president, who holds the ultimate authority in Korea, I have no reason to make empty promises," Lee wrote. "Those who think this is a threat, those who mourn the tears of multiple homeowners and defend real estate speculation, I urge you to face the changed reality with a clear mind and a cool head."
"There are countless policy tools available as long as you don't consider the immediate advantages or disadvantages," he continued. "We are a great [country,] overcoming even the most severe political crisis and making a fresh start. Can we not crack down on this blatantly absurd real estate speculation?"
Lee cited a shift in the investment environment, noting a survey showing that the preference for real estate investments has dropped to second place amid a stock rally.
BY LIM JEONG-WON, Yonhap [[email protected]]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)