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Vice Land Minister Lee Sang-kyung attends a government meeting at the Ministry of Land, Infrastructure and Transport in Seoul. / Source: Yonhap News

A senior government official has come under fire for suggesting that people should wait to buy homes until prices fall, a remark critics say shows how out of touch policymakers are with the realities of South Korea’s housing market.

According to real estate YouTube channel Builgnam TV on October 20, Vice Land Minister Lee Sang-kyung said in an interview posted the previous day that “those looking to buy homes in relatively affordable areas like Nowon, Dobong and Gangbuk are being hit hard by loan restrictions.”

His comments were seen as acknowledging that the government’s latest real estate stabilization package, announced on October 15, had effectively extended regulations even to districts where prices were already declining. The measures designated all of Seoul and 12 cities in Gyeonggi Province as regulated or land transaction approval zones.

Lee went on to say, “People are feeling stressed because they’re trying to buy right now. When the market stabilizes and home prices drop, that’s when they can buy.”

The statement quickly provoked anger online, with many accusing the government of repeating the same mistakes as under former President Moon Jae-in’s administration, when similar reassurances that “prices will soon stabilize” left many first-time buyers priced out of the market as housing values soared.

Adding to the backlash, revelations about Lee’s own wealth further fueled resentment. Critics noted that the vice minister, who reportedly owns real estate worth tens of billions of won, is out of touch with ordinary citizens struggling under stricter mortgage rules.

According to asset disclosures released last month by the Government Public Officials Ethics Committee, Lee’s total declared wealth amounts to 5.66 billion won (approximately $4 million). He recently sold an apartment in Seongnam’s Godeung-dong “Pangyo Valley Hoban Summit” complex, while his wife owns a unit at “Pangyo Prugio Grand Bleu” in Baekhyeon-dong valued at 3.35 billion won and holds a 100 million won deposit on a commercial property lease in Jeongja-dong. The couple also reported a 1.48 billion won housing rental deposit liability under his wife’s name.