Lee dismisses gap investment criticism as “far-fetched”

May 11, 2026, 10:01 am

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Lee Jae-myung speaks during a Cabinet meeting and emergency economic review session at the Blue House on May 6. /Yonhap

President Lee Jae-myung on Sunday rejected criticism that a proposed exemption for nonresident single-home owners under South Korea’s land transaction permit system would effectively allow speculative “gap investment” by homebuyers without properties.

Lee described the criticism as “close to an unfair attack” in a post on X, formerly Twitter, while sharing an article raising concerns about the side effects of allowing such transactions.

Earlier, Land Minister Kim Yoon-duk said on social media that the government was reviewing a possible exemption for nonresident owners of a single home under the land transaction permit system in the interest of fairness in selling opportunities.

Lee defended the proposal, saying the measure was intended to give single-home owners with tenants the same opportunity to sell their properties as owners of multiple homes.

“The buyer must move in directly within two years after paying the deposit,” Lee said. “The buyer has to pay the full purchase price, including the tenant’s deposit, within the remaining lease term, which can be no longer than two years.”

He added that calling the proposal permission for speculative gap investment was excessive.

Lee also reiterated his administration’s commitment to curbing real estate speculation.

“Escaping from a real estate republic is an essential task for the normalization and sustainable development of our country,” he said. “If property speculation resurges, only a small number of people will benefit. I ask for cooperation.”

#Lee Jae-myung #South Korea #land transaction permit #gap investment #housing policy