President Yoon has clarified that he does not intend to force homeowners to sell their properties but is focused on normalizing the real estate market in South Korea.
On October 14th, President Yoon Suk-yeol stated, 'I only pursue the normalization of the real estate market; I do not force anyone to sell their homes.' He shared his views on social media, emphasizing the need to differentiate between homeowners and those who own multiple investment or speculative properties that do not serve as residences. Yoon insisted that it is fair for property investors, particularly those maintaining speculative holdings, to bear a greater responsibility and financial burden, thus protecting vulnerable groups such as young people without homes and low-income families. He hinted at potential restrictions on mortgage extensions for multi-homeowners as part of efforts to stabilize housing prices.
President Yoon further elaborated on his vision for the real estate sector, arguing that it should be reformed to prevent excessive profiteering from multiple ownerships and speculative properties. He stressed the importance of moving towards a system similar to those found in developed countries, which would entail strengthening regulations across taxation, finance, and the supply of housing. He reiterated that any losses incurred by owners of multiple properties who prioritize investment returns over genuine residential use should ultimately fall upon them, and that the policies enacted would merely regulate choices within the market.
Moreover, recent polling data from K-Stat Research revealed that public opinion on the government’s real estate policies is split, with 51% offering positive evaluations and 41% negative. This reflects a challenging landscape for the administration as it navigates public sentiment while implementing significant changes in the real estate market aimed at achieving greater equity and stability.
