Seoul: President Lee Jae Myung on Tuesday pledged to rein in real estate speculation that he said threatens the country's future, vowing to stabilize the housing market "by any means necessary." Lee made the remarks in a post on social media platform X, as the government is redoubling efforts to cool the overheated property market in the Seoul metropolitan area.

According to Yonhap News Agency, Lee described real estate speculation as "utterly absurd" and shared a link to a news report that criticized conservative and business newspapers for focusing on the concerns of multiple home owners facing hefty capital gains taxes when a temporary tax exemption expires in May. Lee questioned the empathy shown towards such homeowners, contrasting it with the struggles of young people who are deterred from marriage and childbirth due to soaring housing costs.

Currently, capital gains taxes on real estate sales range from 6 to 45 percent. Owners of two homes in designated speculative zones face an additional 20 percentage points, while those owning three homes are subject to a 30 percentage-point surcharge on top of the base rate. Lee emphasized that the government's decision to end the exemption in May is "necessary and beneficial for all," dismissing claims that it is merely "an intimidating bluff."

Addressing skepticism over the effectiveness of real estate policies, Lee asserted that the government possesses ample tools to curb housing prices. He noted a shift in investment preferences, citing a survey indicating that real estate investment has fallen to second place amid a stock rally. Lee reaffirmed his commitment to using various policy measures to achieve his goal of stabilizing the housing market.