President Lee cites Seoul apartment price drop, urges sales before tax deadline despite People Power Party skepticism
President Lee Jae Myung expressed strong determination on the 31st to stabilize the housing market and normalize real estate policies. President Lee emphasized, “Do you think it’s impossible to normalize the nation-destroying real estate sector?” and added, “If we trust the people and endure criticism without calculating political gains, it can be done.” When the opposition party raised issues, President Lee posted a lengthy rebuttal late at night.
President Lee shared an article titled ‘Have Homeowners Raised the White Flag? Sharp Brake on Seoul Apartment Prices’ on his X (formerly Twitter) account that morning. The article highlighted a minor drop in Seoul apartment prices following the government’s suggestion of reviewing real estate tax reforms. President Lee then wrote, “Normalizing the abnormal, do you think real estate speculation will fail?”
President Lee cited his past experience as Gyeonggi Province Governor, where he addressed illegal facilities in valleys and rivers. Referencing the cleanup of illegal structures that restored valleys, he stated, “We normalized the stock market, where illegality and corruption ran rampant, to achieve the 5,000-point era. Normalizing the real estate market is easier and more critical than that.”
President Lee also warned, “Seize the opportunity when it arises,” adding, “You will soon realize this was the last chance.” This was interpreted as a cautionary message to speculative multi-homeowners who withhold properties or expect price hikes.
The People Power Party immediately criticized this. Senior Spokesperson Park Sung-hoon commented, “If normalization is so easy, why hasn’t it been done yet?” and added, “The public is simply astonished by the President’s lack of awareness.”
In response, President Lee posted a rebuttal at 11:49 p.m. the same day, quoting the article containing Park’s criticism. He explained, “For those who haven’t fully mastered language comprehension, I’ll clarify the exact meaning of ‘easy.’ While valley restoration and achieving a 5,000-point stock index seemed impossible and drew public ridicule, we accomplished them through full commitment. How could stabilizing housing prices be harder than that?”
President Lee firmly stated, “Housing price stabilization will succeed no matter the cost,” and urged multi-homeowners to consider selling by May 9th to utilize the final opportunity for exemption from heavy transfer taxes. He referenced recent losses by so-called ‘gopbeoseu’ investors, who bet on a KOSPI decline due to its sharp rise, warning that resisting government policies could lead to losses.
President Lee cautioned, “There are ample legal and political means available,” and added, “If policies are rational, justified, and backed by public and legal support, resistance based on self-interest will fail, resulting in losses.” He reiterated, “The government has both the will and means, so I urge you to avoid losses by complying with policies, utilizing tax benefits, and resolving multi-homeownership.”
