South Korean President Lee Jae-myung Warns Against Real Estate Speculation

South Korean President Lee Jae-myung has issued a stern warning against real estate speculation, urging owners of multiple properties to consider the plight of millions of young people unable to afford homes due to soaring prices. According to Jin10, Lee offered these property owners a 'last chance' to sell excess real estate before the government increases property taxes, vowing to curb the overheated housing market 'at all costs.' He highlighted that rising housing costs are forcing young people to abandon plans for marriage and childbirth, threatening the nation's social structure. This statement comes as apartment prices in Seoul have risen for 52 consecutive weeks, defying government efforts to cool the market through tighter loan regulations. The government's failure to control the surge in housing prices poses a threat to Lee's approval ratings. A recent Gallup Korea poll revealed that 40% of respondents are dissatisfied with Lee's housing policies, while only 26% support them. Nearly half of the respondents expect housing prices to rise next year, while 19% anticipate a decline.