President Lee: Real estate windfall profits are the main obstacle to national unity

President Lee Jae Myung criticized real estate windfall profits driven by illegal and expedient practices on the 21st, saying they have become "the biggest culprit behind the destruction of fairness and common sense in our society, and a major obstacle to national unity." At the State Council of South Korea meeting he chaired at Cheong Wa Dae that day, he emphasized that "stabilizing the real estate market is one of the most important prerequisites for easing polarization," adding that "our current real estate market is a major cause of worsening asset inequality, household debt, and the suffering and alienation of young people."

Earlier, President Lee and his wife sold an apartment in Bundang-gu, Seongnam-si, Gyeonggi-do, for 2.9 billion won, becoming homeowners without a house of their own. They also established a mortgage of 1.77 billion won against the buyer.

Lee said that once real estate problems are normalized, resources can be reinvested more productively, social dynamism can be restored, and the conflicts caused by polarization can begin to find a path to resolution. "The government will prepare swift supply measures, along with practical support measures for end users that match reality," he said. He added, "We will also ensure that the tax system is revised fairly and rationally, based on the common sense and expectations of the public."

Referring to the upcoming "National Grand Forum on Real Estate" on the 23rd, Lee said, "To move beyond a ruinous real estate republic and toward housing stability for the public and productive economic development, we will humbly listen to the voices of our people and work out feasible alternatives and measures from them."

He also ordered the government to prepare follow-up measures regarding the issue of single-stock leveraged exchange-traded funds (leveraged ETFs), which have been cited as a major cause of recent sharp stock price swings. "Take swift action, and be even more bold with the necessary responses," he said. "It also seems to be taking too long."



[email protected] Choi Jong-geun, Seong Seok-woo Reporter