President Lee Jae-myung announced on the 22nd that he has directed the Blue House and Cabinet to exclude multi-home owners, non-resident owners of high-value properties, and excessive real estate holders from the process of discussing and drafting property policies. The move signals his intention to tighten control over the "war on real estate speculation" through high-pressure measures targeting multi-home public officials.
"In housing and real estate policy, there must not be even 0.1% of flaws or loopholes," President Lee wrote on X (formerly Twitter). He added, "The problem lies with public officials who have designed tax, financial, and regulatory policies to favor those with more homes and to drive up housing prices." He emphasized, "If officials who created such systems or allowed them to persist have exploited these flawed systems for speculation, they deserve to face sanctions."
The directive was reportedly conveyed during an internal meeting last week. The measure is interpreted as a response to concerns that public trust in government policy could erode if officials responsible for designing market stabilization policies are suspected of engaging in speculative property purchases.
A Blue House official explained, "We are currently reviewing the real estate holdings, including homes, of officials in charge of housing and property policy. After completing the review, we will take measures to exclude them from related duties."
More than 10 presidential aides at the secretary level or above currently working at the Blue House own multiple homes. When including non-resident owners of high-value properties and those President Lee described as "excessive real estate holders," the number of affected individuals is expected to reach several dozen. Analysts suggest that if the scope is expanded to include relevant ministries and agencies such as the Ministry of Finance and Economy, Ministry of Planning and Budget, Ministry of Land, Infrastructure and Transport, and Financial Services Commission, the number of affected public officials could exceed 100.
