President Lee Jae-myung sharply criticized farmland speculation on January 24, ordering a comprehensive investigation of non-cultivated farmland and review of forced sale orders. This signals his determination to block speculative demand by expanding real estate regulations from Seoul metropolitan housing to agricultural land.
"Hasn't farmland become a target of speculation?" Lee said at a Cabinet meeting at Cheongwadae. "All problems in this country originate from real estate."
He instructed relevant ministries to conduct a nationwide survey of farmland not actually being farmed and review forced sale orders if violations are confirmed.
The move aims to stabilize rural land prices, lower barriers to farming resettlement, and encourage population inflow to regions facing demographic decline. It demonstrates strict regulation of speculative holdings for both housing and land.
"These days, people say they want to return to farming but farmland prices are too expensive," Lee said. "We must fundamentally lower land prices."
He criticized that even abandoned land in mountain valleys is too expensive to farm, reaching 200,000 to 300,000 won per pyeong in extreme cases. "Prices rose solely because it is 'land,'" he said.
"Farmland management is very poor," Lee noted. "Many cases exist where people hold land only expecting price increases." He called for strengthening enforcement, noting that forced sale orders for unused farmland are rarely executed in practice.
"The problem stems from abnormally high real estate prices," Lee said. "Without establishing the perception that 'holding real estate for speculation or investment has no real benefit' through tax, regulatory, and financial measures, normal development will be difficult."
Before the Cabinet meeting, Lee shared a news article on social media suggesting expectations of rising housing prices had been dampened. "The public knows the abnormality of the metropolitan apartment market and supports normalization," he wrote. "Some say don't fight the market, but others say don't fight the government," he added, hinting at additional regulatory measures.
Lee also demanded stronger responses to price-fixing. After receiving a report that sugar prices fell 16.5% following a Fair Trade Commission investigation, he said: "If sugar prices dropped but product prices using sugar remain the same, consumers get no benefit while companies pocket the gains."
He emphasized enforcement effectiveness. "You can't just abstractly tell them to lower prices," Lee said. "They must follow orders. What sanctions exist if they don't?"
He called for significantly increasing whistleblower rewards. "Give rewards that change people's lives and fortunes when they report," Lee said. "Make them think 'I'd rather expose price-fixing than play the lottery.' Tens of billions of won is fine."
Regarding international events including the Winter Olympics, Lee said institutional improvements are needed to broadly guarantee public access. This appears to address concerns that interest declined when one broadcaster with exclusive domestic rights for the 2026 Milan-Cortina Winter Olympics aired coverage alone.
"Despite our athletes' fighting spirit and performance, there was disappointment that social enthusiasm didn't rise sufficiently compared to past international competitions," Lee said. "The CONCACAF World Cup is also scheduled for June."
The Cabinet meeting approved a revision to the Income Tax Act Enforcement Decree ending the capital gains tax deferral for multi-home owners starting May 9. In a closed session, the Ministry of Trade, Industry and Energy reportedly requested inter-ministerial cooperation on rare earth supply stabilization measures.
Cheongwadae said Lee also instructed police, prosecutors, and the National Election Commission to strictly respond to three major election crimes—smear campaigns, government-power elections, and money-driven elections—ahead of the full election season.