President Lee: "Trading up to one solid home? You’re better off not doing it" — posts on social media at 1 a.m.

[Financial News] President Lee Jae-myung has issued a warning about the strategy known as "trading up to one solid home."
On the 5th, President Lee wrote on his X account (formerly Twitter), "Trading up to one solid home? Let me be clear: unless it is for your own residence, you will probably be better off not doing it," as he shared an article titled "Signing contracts without even seeing the house, pressure on multiple-home owners triggers trading-up moves among single-home owners."
The article explained that after President Lee confirmed he would end the temporary suspension of the heavier capital gains tax on owners of multiple homes, more fire-sale properties have been coming onto the market at reduced prices. It reported that demand from buyers seeking so-called "one solid home" has begun to move, turning the Seoul housing market into one driven by people trading up.
Meanwhile, on the 23rd of last month, President Lee stated on social media that he was not considering any further extension of the heavier capital gains tax relief. Since then, he has repeatedly signaled a strong commitment to stabilizing the housing market.
The previous day, President Lee also posted on his X account an editorial that argued owners of multiple homes with tenants in properties located in Land Transaction Permit Zones would find it difficult to sell before the heavier capital gains tax relief expires on May 9. He highlighted and criticized this point in his post.
President Lee wrote, "The end of this measure has been scheduled every year for the past four years, so isn’t it the responsibility of multiple-home owners that they failed to prepare?" He stressed, "Rather than multiple-home owners who speculated in real estate while unjustly expecting 'they will extend it again,' it is the people suffering from soaring housing prices who deserve more consideration."
newssu@fnnews.com Kim Su-yeon Reporter