President Lee Jae-myung listened to participants during a labor policy discussion held at the presidential office on March 19 to mark the launch of the first Economic, Social and Labor Council. /Yonhap News

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President Lee Jae-myung on March 22 ordered that public officials who own multiple homes or high-value non-residential properties be excluded from all stages of housing and real estate policy-making, signaling a strong push to restore trust in the property market.

The directive covers the entire policy process, including discussions, drafting, reporting, and approval, according to the presidential office.

The move comes as the government prepares additional measures to stabilize housing prices in the Seoul metropolitan area following the expiration of a temporary capital gains tax relief for multi-home owners on May 9.

Lee said the decision was aimed at eliminating even the smallest flaws in housing policy. “There must not be even a 0.1% defect or loophole in real estate and housing policies,” he wrote on X.

He stressed that reforming Korea’s “real estate-driven economy” is a core task for national transformation, adding that policy credibility and execution must be strengthened.

While clarifying that owning multiple homes or high-value properties is not inherently blameworthy, Lee pointed to policymakers as the root problem.

“It is the officials who designed tax, financial, and regulatory policies that favor multiple homeownership and rising housing prices that are at fault,” he said.

He added that if such officials not only created or neglected flawed systems but also exploited them for speculative purposes, they should face sanctions, not just criticism.

Lee emphasized that housing price stability is critical to both the success of his administration and the country’s future.

“People need homes to build families, get married, and raise children,” he said, adding that policies should not allow a few to profit at the expense of many.

A senior presidential official said the government is currently reviewing property ownership among officials responsible for housing policy and will implement measures such as removing them from related duties if necessary. The directive has already been communicated to relevant ministries.

At present, no aides within the presidential office’s housing policy team are known to be subject to exclusion.

The move is widely seen as an effort to underscore the administration’s determination to normalize the real estate market and strengthen policy integrity.

The presidential office also indicated that discussions on criteria for high-value non-residential properties are at an advanced stage, though details have yet to be finalized.

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