Seoul: President Lee Jae Myung announced Saturday that his administration's efforts to stabilize the real estate market are focused on reclaiming "unfair privileges" associated with investment and speculation. He emphasized that the government is not pressuring homeowners to sell their properties.

According to Yonhap News Agency, Lee clarified via a social media post on platform X that the policy is designed to ensure individuals benefitting from speculative activities are held accountable. He stated that while the government seeks to protect homeowners who reside in their properties, those owning multiple homes for investment purposes are affecting young people and ordinary citizens who do not own homes.

Lee asserted that it is only fair that those involved in speculative practices should bear the associated responsibilities and burdens. In a subsequent post, he reiterated that he had not forced anyone to sell their properties, nor intended to do so. His aim was to inform them about potential measures to limit financial advantages for multiple property owners.

The president's comments followed his concerns regarding the practice of extending loans to multiple homeowners. His statements have attracted criticism from the main opposition party, accusing the government of creating instability in the real estate market.

Lee has consistently expressed his commitment to stabilizing the housing sector, highlighting that the surge in home prices is imposing significant challenges for young individuals and impacting marriage and birth rates. His recent remarks are perceived as an indication that the government might consider imposing restrictions on loan renewals for owners of multiple homes as their current loans reach maturity.