Overview
- President Lee Jae Myung has rejected extending the temporary exemption and has urged multiple homeowners in daily posts to sell before the May 9 deadline.
- Finance Minister Koo Yun-cheol said the government will unveil supplementary measures next week, including grace periods of about three months for Seoul’s Gangnam and Yongsan and up to six months for newly designated speculative zones for deals contracted by May 9.
- Authorities say the grace periods are intended to address practical issues such as tenant move-outs under the jeonse system, as capital gains taxes can reach high effective rates with surcharges for owners of two or more homes.
- Lee also warned owners against trading up into luxury properties for investment purposes and, at a town hall, argued that politics must address capital-region concentration that fuels housing pressures.
- Commentary and opposition voices highlight stalled supply-side legislation for the Sept. 7, 2025 plan (only 4 of 23 bills passed), warn that punitive taxes can trap supply as rents jumped 8.51% in Seoul in 2025, and question credibility given officials’ own multiple-home ownership.