Seoul: President Lee Jae Myung on Thursday issued a stern warning to owners of multiple homes who are eyeing luxury properties as investments. The government is set to end tax breaks on such investments in an effort to stabilize the overheated property market in the Seoul metropolitan area.

According to Yonhap News Agency, this message is the latest in a series of President Lee's social media posts aimed at curbing rising home prices. The government has committed to ending an exemption from heavy capital gains tax for owners of multiple homes, with the change set to take effect in May.

Media reports have suggested that some multi-homeowners may attempt to purchase luxury homes after selling off other properties, in a bid to avoid the heavy tax. Lee addressed this potential loophole directly, stating, "Moving up to a higher-value property? Let me be clear, it will not be in your interest to do so unless it is for residential use," in a post on X. He shared a news article that highlighted the increasing demand among buyers looking to upgrade to higher-tier neighborhoods before the May 9 deadline.

In another post on X, Lee also addressed the recent decision by prosecutors not to appeal a court's acquittal of key figures in a development corruption case in Seongnam's Wirye district. President Lee claimed that prosecutors had tried to wrongly implicate him in a case lacking legal foundation, accusing them of misinterpreting an audio recording. He highlighted that terms like "Wirye New Town" were misrepresented as "the elders" due to their similar sound in Korean, allegedly to implicate him and a former Democratic Party official.