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South Korean President Lee Jae-myung Issues Final Warning on Property Speculation as Housing Crisis Deepens

South Korean President Lee Jae-myung has delivered a strong and highly symbolic warning to real estate speculators, declaring that the government will take tougher action “at all costs” to rein in the country’s overheated housing market. In remarks reported by Jin10, Lee urged owners of multiple properties to reflect on the struggles of millions of young Koreans who are increasingly locked out of homeownership due to soaring housing prices.

Lee framed the issue not merely as an economic challenge, but as a social and demographic crisis. He stressed that excessive real estate speculation is directly contributing to rising living costs, forcing young people to abandon plans for marriage and childbirth, developments that threaten the long-term stability of South Korea’s social structure. With the country already facing one of the world’s lowest birth rates, Lee warned that unchecked housing inflation could accelerate population decline and deepen generational inequality.

In a notably firm stance, the president described the current period as a “last chance” for owners holding multiple homes to sell off excess properties voluntarily. He cautioned that failure to do so would result in higher property taxes and stricter regulatory measures, signaling that the government is prepared to escalate its intervention if speculative behavior continues.

Despite a series of policy efforts, including tighter mortgage and loan regulations, the government has so far struggled to cool the housing market. Data show that apartment prices in Seoul have risen for 52 consecutive weeks, underscoring the resilience of demand and the limits of existing measures. The prolonged price surge has fueled public frustration, particularly among younger generations and first-time homebuyers.

The political implications of the housing crisis are becoming increasingly apparent. A recent Gallup Korea poll indicates that public confidence in Lee’s housing policies is weakening.