In Response to Opposition's Criticism of "Government Policy as Real Estate Rationing," President Lee Calls It "Outdated Pro-North Korea Slander"

President Lee Sends Daily Real Estate Messages via Social Media
Directly Responds to Opposition's Criticism of "President Threatening Homeowners"
Lee: "Stop Defending Ruinous Real Estate Speculation"

President Lee Jae-myung is asking a question to Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul at the National Startup Era Strategy Meeting "K-Startup Creates the Future" held at the Blue House on the 30th. Photo by Yonhap News

On February 2, President Lee Jae-myung stated, "Isn't it time to stop defending ruinous real estate speculation and engaging in outdated pro-North Korea rhetoric?" This came as President Lee directly responded via social media to criticism from the People Power Party regarding the government's real estate supply measures. President Lee also personally shared a news article reporting the appearance of urgent property listings following his expression of commitment to normalizing the real estate market.

President Lee made these remarks through social media on the same day. Along with his message, he shared an article covering a commentary by Choi Bo-yoon, chief spokesperson of the People Power Party. Choi claimed, "President Lee has blamed illegal activities as the cause of soaring housing prices and even issued threatening remarks targeting homeowners." President Lee criticized this as "defending ruinous real estate speculation." He also countered Choi's statement that "(the government's real estate policy) is no different from telling people to be satisfied with rationed housing," calling it "an outdated pro-North Korea slander."

Additionally, President Lee shared an article about a property listing in Gaepo-dong, Gangnam-gu, Seoul, where the asking price had dropped by more than 400 million won compared to usual. The article reported that urgent sales have emerged following President Lee's announcement to end the temporary suspension of the heavy capital gains tax on owners of multiple homes.

Over the past weekend, President Lee issued four separate messages targeting owners of multiple homes, reaffirming his commitment to "stabilizing the housing market." On the morning of January 31, he stated, "Normalizing the real estate market is much easier and more important than reaching KOSPI 5000," and added, "Seize the opportunity while you can... You will soon realize this was the last chance." On the same day, he shared an article about the debate over the development of Jongmyo and Taereung, questioning, "Why is high-rise development allowed in front of Jongmyo, but housing supply next to Taereung is not?"

Later, around midnight on the 31st, President Lee directly responded to the People Power Party's criticism of his "reckless remarks," stating, "Just like valley maintenance or achieving KOSPI 5000... I will do whatever it takes to stabilize housing prices." On February 1, he targeted the "bolt from the blue" narrative, asking, "Why do you side with speculation even after seeing the country ruined by real estate speculation?" He pointed out that the suspension has "dragged on for nearly four years." He also emphasized, "A system can be changed if necessary," reaffirming that the suspension will end on "May 9, 2026," and noting, "There are still 100 days left."

The President's "hardline signals" come amid a persistent rise in housing prices despite a series of real estate measures. Until last year, the Blue House had largely avoided discussing real estate taxation. However, with the end of the temporary suspension of the heavy capital gains tax on multiple home owners approaching and various rumors circulating, it appears the administration judged it necessary to preemptively dampen market expectations. In fact, on January 23, President Lee drew a clear line, stating, "We are not considering any extension of the temporary suspension of the heavy capital gains tax on owners of multiple homes." On January 25, he posted further warnings, saying, "If you thought about another extension, you are mistaken," and "Holding out? That's an obvious detour."

A Blue House official explained, "This should be interpreted as an emphasis on the government's unwavering policy stance," adding, "By making it clear to the market that the suspension for owners of multiple homes will definitely end, the government is also making it clear that it has various policy tools at its disposal, including tax reform."

Kim Yong-beom, Chief Presidential Secretary for Policy, has also begun supporting President Lee through social media. On February 1, Kim stated on social media, "The paradigm has already shifted," noting that, according to a Korea Gallup survey, stocks have now become the most preferred investment vehicle, which he described as a structural change. He argued, "Too many factors have aligned simultaneously for this to be dismissed as a temporary trend," adding, "Prices have followed where sentiment has shifted, and the center of discourse has moved from real estate to the capital market." He concluded, "The question now is not whether change has begun, but how to cement the new framework that has already been established."