President Yoon aims at real estate sentiment ahead of the Lunar New Year: 'No more benefits for speculative multi-homeowners'
President Yoon Seok-yeol is preparing to limit financial benefits for homeowners with multiple properties as he addresses public concern over real estate speculation ahead of the Lunar New Year holidays.
On January 13, President Yoon Seok-yeol expressed his administration's intention to limit loan extensions for multi-homeowners in response to public outcry against real estate speculation. He questioned the fairness of providing additional financial benefits to those who have not sold their extra properties despite previous tax cuts and extended opportunities for divestment. This move signals a shift from previous governments' reluctance to confront real estate issues openly, indicating Yoon's commitment to build public consensus on effective housing policies.
In his social media communication, the president highlighted the national challenge of stabilizing housing prices, stating that it is questionable to provide financial aid for the acquisition of multiple properties intended for investment or speculation. He emphasized that financial aid should be just and equitable, aligning with overall administrative fairness. This message underscores the importance of having a level playing field for new home buyers and those currently holding multiple properties while managing industry expectations.
Sharing data on the concentration of rental apartments in Seoul's affluent areas, Yoon argued against allowing housing markets to regress further into a speculative environment. He pointed out the need for comprehensive policies that accommodate regulatory, tax, and supply-demand adjustments to mitigate housing issues effectively. His public engagements ahead of the Lunar New Year reflect a strategic move to address urgent public concerns regarding real estate directly, aiming to enhance policy momentum as the holiday approaches.