On May 11, President Lee Jae-myung responded to concerns that the government's consideration of exceptions for land transaction permits for non-resident homeowners could effectively allow gap investment for homebuyers. He called such claims "close to unreasonable criticism."
In a post on X (formerly Twitter), President Lee explained that the Ministry of Land, Infrastructure and Transport aims to provide equal selling opportunities for one-homeowners with tenants, similar to those for multiple homeowners.
On May 10, Minister of Land, Infrastructure and Transport Kim Yoon-deok stated on his X account that the ministry plans to review exceptions for land transaction permits for non-resident homeowners from the perspective of fairness in selling opportunities.
Currently, the government allows exemptions from the mandatory residence requirement for homebuyers only when purchasing properties from multiple homeowners in designated adjustment areas. In response to claims of reverse discrimination from non-resident homeowners, the government is considering extending this exemption to buyers of homes owned by non-resident one-homeowners.
President Lee noted that for properties with tenants, buyers would be limited to those without homes and would be allowed to move in only after the existing lease period ends, with a maximum waiting period of two years.
He added, "This means that we will provide selling opportunities for one-homeowners who cannot sell their properties due to tenant leases, allowing buyers to move in within two years after paying the deposit. To claim that this allows gap investment seems exaggerated."
President Lee emphasized, "Escaping the real estate republic is an essential task for the normalization and sustainable development of our country. If real estate speculation resurfaces, who will benefit? I ask for your cooperation."
* This article has been translated by AI.
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