Lee vows to rein in real estate speculation 'by any means necessary'

▲ President Lee Jae Myung speaks during a Cabinet meeting at Cheong Wa Dae in Seoul on Jan. 27, 2026. (Pool photo) (Yonhap)

Lee-real estate

Lee vows to rein in real estate speculation 'by any means necessary'

By Kim Eun-jung

SEOUL, Feb. 3 (Yonhap) -- President Lee Jae Myung on Tuesday pledged to rein in real estate speculation that 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 multiple home owners 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?"

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.

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.

He cited a shift in the investment environment, noting a survey showing that preference for real estate investment has dropped to second place amid a stock rally, and vowed to deliver on his pledge to curb housing prices.

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