President Lee Jae-myung proposed that multi-home owners who file for land transaction permits by May 9 — when the current capital gains tax surcharge moratorium expires — should still receive the tax relief. He also ordered a review of executive orders to allow single-home owners, not just multi-home owners, to sell properties occupied by tenants.
"Currently, it is understood that land transaction permits must be completed and contracts signed by May 9, so considering the approval process, it appears people believe sales are effectively impossible after mid-April," Lee said at a Cabinet meeting held at Cheongwadae on Tuesday. "I wonder whether it needs to be that strict."
"How about allowing the exemption for those who file land transaction permit applications by May 9?" he said. "If necessary, please review either clarifying the interpretation or revising the regulations." The move reflects market complaints that administrative procedures in land transaction permit zones take two to three weeks or more.
Lee also ordered improvements to provisions that critics say amount to "reverse discrimination" against single-home owners. "Currently, when multi-home owners have tenants in their properties, we permit even non-homeowners to purchase those homes until the tenant's lease expires," Lee said. "But as a result, single-home owners who want to sell rented-out properties are asking, 'Why do multi-home owners get benefits while single-home owners don't?'"
"This effectively amounted to allowing so-called 'gap investment,' so the opportunity was granted only to multi-home owners. But now I believe the effect of increasing supply would be greater than stimulating demand," he said, asking officials to review revising the relevant executive orders so a decision can be made at the next Cabinet meeting.
Separately, Lee addressed the civilian drone incursion into North Korea. "Although it was not the intention of our government, I express regret to the North that unnecessary military tensions were provoked by the irresponsible and reckless actions of some individuals," he said. This marks the first time Lee has personally expressed regret toward North Korea since the drone incident came to light.