Reiterating His Determination to Stabilize Housing Prices
On the 5th, President Lee Jaemyung wrote on X, "Switching to a single smart home? Let me be very clear: if it is not for residential use, it will probably be in your interest not to do it at all."
On this day, President Lee shared an article titled "As multi-homeowners are pressured into signing contracts 'without even seeing the house', single-homeowners start to stir over 'trading up'," and delivered this message.
As the government has made it clear that the temporary suspension of the heavy capital gains tax on multi-homeowners will end on May 9, some fire-sale listings are coming onto the market. Against this backdrop, he hinted that the government could additionally review policies to curb demand for so-called "one smart home" moves to higher-grade areas, which is being interpreted as once again underscoring his commitment to stabilizing housing prices.
President Lee has recently been ramping up the tone of his messages toward multi-homeowners and non-resident single-homeowners. On the 23rd of last month, he stated that "we are not considering at all an extension of the capital gains tax exemption for multi-homeowners that expires on May 9," and, regarding the special long-term holding deduction system that includes non-resident single-homeowners, he mentioned the possibility of revising it, calling it "a scheme that blocks listings and encourages speculation."
On the 3rd, he also shared a report related to multi-homeowners and declared, "We will put an end to the ruinous real estate speculation by any means necessary," adding, "Selling will be more advantageous than holding out, and selling early will be more advantageous than selling late."
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