President Lee Jae-myung, on a state visit to Singapore, said on May 2 (local time) that he would learn from Singapore's real estate policies, noting he has had "special interest since my days as Seongnam mayor."
At a meeting with Korean residents the previous day, he emphasized his commitment to resolving housing issues, saying: "I will ensure you don't have to worry about housing even if you return to Korea, so come back when the time is right."
Meeting President Tharman Shanmugaratnam at Singapore's government complex, Lee said: "One similarity between Singapore and Korea is that many people live in a small territory."
He added: "What's truly remarkable is that despite achieving tremendous economic growth in this small territory, housing and real estate have not become social problems at all."
Lee continued: "I have had special interest in Singapore's real estate policies since my days working as Seongnam mayor. I believe I should learn much from Singapore's real estate policies through this visit."
At a dinner meeting with Korean residents the previous evening, Lee responded to a resident who expressed concerns about returning to Korea due to housing prices.
"Looking at Singapore, I think about this a lot. Real estate speculation is a chronic problem in Korea," Lee said. "Should people's living spaces be used as money-making tools? I posted about this on Twitter before coming here."
Shortly after arriving in Singapore, Lee posted on X (formerly Twitter): "Buying and selling homes is personal freedom, but whether it results in profit or loss is determined by the government." He reaffirmed his intent to adjust real estate taxes, financing, and regulations to discourage speculation.
At the gathering, Lee stated: "Can we blame those who saved money and bought homes? If it's profitable, people buy; if not, they won't buy no matter what. Isn't that the principle of capitalism?"
He continued: "If society makes home purchases profitable, people will buy. If buying yields nothing after various deductions, who would buy? It's not the speculators' fault—it's the fault of politicians and government that created the system."
Lee added: "We must not repeat such mistakes. Isn't that why the people entrusted me with state affairs—to fix these abnormalities?"
Lee also told President Tharman: "Another remarkable point we should learn is the outstanding integrity and capability of the civil service. Clear rewards and punishments, and compensation nearly matching the private sector based on capability, have preemptively eliminated room for corruption—truly worth learning from."
Throughout his four-day visit to Singapore and the Philippines, Lee has maintained focus on domestic real estate issues. On April 27, just before departure, he listed for sale an apartment in Bundang, Seongnam, Gyeonggi Province, jointly owned with First Lady Kim Hye-kyung.
By selling the single property he has owned for 29 years, Lee appears to be demonstrating his commitment to normalizing the real estate market.