Singapore: President Lee Jae Myung on Sunday intensified his verbal warning against owners of multiple homes, following his decision to list his private residence for sale as a gesture towards stabilizing the property market. "Whether to sell or buy a house is up to individual freedom, but the government determines whether such transactions result in profit or loss," Lee stated on the social media platform X shortly after his arrival in Singapore for a four-day diplomatic tour that also includes the Philippines.
According to Yonhap News Agency, Lee's comments came on the heels of his recent move to sell his private home in Seongnam, located south of Seoul, at a price below the market rate, demonstrating his dedication to stabilizing the property market. He emphasized that there is no need to compel politicians to sell their homes merely because they own multiple properties or use them for nonresidential purposes, while reaffirming his commitment to tightening regulations aimed at curbing speculative gains.
Lee highlighted that the issue lies not with individuals buying or retaining homes, but with governmental policies that have historically made real estate speculation profitable. He pledged to reform taxation, financial structures, and regulations to reduce the profitability of such investments. Furthermore, Lee pointed to Singapore's housing market as a possible model for his real estate policy, noting its success in mitigating real estate speculation without hindering national development.
He remarked, "Singapore is a country with limited land and per capita income nearing US$100,000, yet the public does not suffer from real estate speculation nor is national development hindered by it. Singapore's case shows that such outcomes are entirely achievable if the government has the will to rein in real estate speculation."
Lee's comments serve as the latest in a series of warnings against housing speculation, coinciding with the government's plans to conclude the temporary suspension of heavy capital gains taxes for multiple home owners in May.