President Lee Jae-myung reaffirmed his commitment to normalizing the real estate market on Sunday, warning that "there's a saying not to fight the market, but there's also a saying not to fight the government."
The president's emphasis on "real estate market normalization that the people want" is seen as an effort to build justification against opposition from the People Power Party and other groups.
"Power can turn a normal society into an abnormal one, but it can also turn the abnormal into normal," Lee wrote on X (formerly Twitter). He shared an article titled "President's pressure on multi-home owners works... Expectations of rising home prices cut in half in one month."
"The signpost determining whether power takes the path of normalization or abnormalization is the selfishness and greed of those in power," Lee said. "That's why normalization becomes easier when you abandon selfishness and greed—because the people, the source of power, want it."
The president asserted that "our people know the real estate market, especially the Seoul metropolitan apartment market, is abnormal, and they support normalizing this abnormality."
"Power has formidable tools for normalization—regulations, taxation, finance, and supply. The question is the will and intention of those in power," he added.
Lee issued a pointed warning to property investors: "Let me inform you once again in advance. Whether you maintain multiple homes, hold non-residential investment properties, or own ultra-luxury homes priced at 300 million won per pyeong—that is your freedom. But you cannot escape the risks and responsibilities that come with normalizing the abnormal."
"Normalizing the Republic of Korea—believe it or not, resist or comply, that's each person's freedom. But like with stock market normalization, the resulting gains and losses are also each person's responsibility," he said.
The president expressed confidence that "real estate normalization is difficult, but easier than cleaning up illegal facilities in valleys or normalizing the stock market. It's only natural that expectations for abnormal home price increases to continue under a people's sovereignty government are diminishing."
He concluded: "Overcoming real estate speculation, normalizing the Republic of Korea—the people's sovereignty government will do it!"