Lee: "We will make sure no overseas Koreans hesitate to return home because of housing costs" [Korea–Singapore summit]

Singapore – Reporter Choi Jong-geun of The Financial News – On the 2nd, President Lee Jae-myung of South Korea met with President Tharman Shanmugaratnam of the Republic of Singapore ahead of his summit with Prime Minister Lawrence Wong. Lee remarked, "Since the time I worked long ago as Mayor of Seongnam, I have paid special attention to the Republic of Singapore’s housing policy, and this visit is an opportunity for me to learn a great deal from your country’s real estate policies."
President Lee, who is on a state visit to the Republic of Singapore, made these comments during a meeting with President Tharman following the official welcome ceremony and an orchid-naming ceremony held earlier that morning.
Lee went on, "One of the similarities between the Republic of Singapore and the Republic of Korea (South Korea) is that many people live on a very small land area. What is truly remarkable, however, is that despite achieving tremendous economic growth on this limited land, housing and real estate have not become serious social problems at all."
Earlier, on the 1st, Lee had also addressed the issue during a meeting with Korean residents in the Republic of Singapore, saying, "When I look at the Republic of Singapore, I often think about how chronic a problem real estate speculation has become in South Korea." When some overseas Koreans commented that they wanted to return to South Korea but were worried about housing prices, he stressed, "We will make sure that, even if you come back to your home country, you will not have to agonize over housing, so please return when the time is right." Shortly after arriving in the Republic of Singapore, he also reiterated his determination to eradicate real estate speculation in South Korea via X (formerly Twitter), writing, "Buying and selling homes is a matter of individual freedom, but it is the government that decides whether that results in gains or losses." Lee added, "Another truly impressive aspect, and something we must learn from, is the integrity and competence of your public service." He continued, "The system of rewards and penalties is clear, and compensation based on capability is almost on par with that of private companies, which effectively removes the room for corruption in advance. This is a point that is very much worth emulating."