President Lee Jae-myung, on a state visit to Singapore, said on May 2 (local time) that he has "much to learn about real estate policy from this visit." The previous day, he told Korean expatriates, "I will make sure you don't have to worry about housing, so come back home when the time is right."
Meeting Singapore President Tharman Shanmugaratnam at government offices that day, Lee said, "What our countries share is that many people live in a small territory." He added, "It is truly remarkable that Singapore has achieved tremendous economic growth in such limited space while preventing housing and real estate from becoming social problems."
At a meeting with Korean residents at a Singapore hotel the day before, Lee responded to an expatriate who expressed concerns about returning to Korea due to property prices. "Speculation is a chronic problem," he said. Shortly after arriving in Singapore, Lee posted on X (formerly Twitter): "Buying and selling homes is personal freedom, but the government decides whether it results in profit or loss." The remarks signaled his intent to reform real estate taxes and financial regulations to discourage speculation, even while traveling abroad.
During the meeting with President Tharman, an orchid-naming ceremony was held honoring President Lee and First Lady Kim Hye-kyung. Singapore traditionally names orchids—the national flower—after visiting heads of state and dignitaries.
In return, President Lee presented Prime Minister Lawrence Wong and his wife with ceramic plates and scarves featuring traditional Korean patterns. The plates featured a tiger symbolizing Korea and a lion representing Singapore at the center, with iconic landmarks from both nations, visually expressing "cultural exchange" and "harmonious coexistence."