President Lee Jae Myung has urged multiple home owners to sell via social media, labeling real estate speculation as leading to 'national ruin.' The government is considering ending the grace period for punitive capital gains taxes on May 9, while housing supply plans face delays. Experts argue that legislation and follow-up measures matter more than harsh rhetoric.
President Lee Jae Myung issued stern messages on social media over the weekend, urging multiple home owners to sell quickly, warning that 'selling sooner is better than later.' He labeled real estate speculation as driving the country toward 'national ruin' and criticized sympathizers, stating, 'They say money is the devil. Surely the devil has not taken even the minimum conscience.'
These remarks coincide with the May 9 deadline for the grace period on punitive capital gains taxes for multiple home owners. The government is considering ending the temporary suspension, while allowing transactions in regulated areas like Seoul contracted by May 9 an additional three to six months for payment and registration. Exceptions may apply if tenants cannot relocate within six months, signaling a shift toward flexibility that reflects real-world practices.
However, demonizing all multiple home owners as speculators draws criticism. Former lawmaker Yoon Hee-sook noted that 'owners of multiple homes are not a single, uniform group,' citing Democratic Party lawmaker Seo Young-kyo's inherited property in a regulated area. Forcing sales could harm tenants and shrink the rental and presale markets.
On the supply side, only four of 23 bills needed for the September 7, 2025, plan to provide 270,000 homes annually in the Seoul metropolitan area have passed the National Assembly. The January 29 plan for 60,000 new homes in the capital region faces uncertainty due to disputes over sites in Yongsan, Taereung, and Gwacheon between central and local governments. Seoul's monthly apartment rents surged 8.51 percent in 2025, the sharpest rise since records began in 2016.
More than 20 of 176 senior officials and 61 of 299 lawmakers own multiple homes, undermining credibility. Experts stress that reviving regional markets beyond Seoul, lowering transaction barriers, and ensuring policy consistency are essential for stability, rather than relying on rhetorical pressure.
