President Lee Jae-myung on Apr. 1 said regarding tax cuts for long-term holding of a non-resident single home, "It is clearly excluded (from the category subject to no tax cuts) when it is for residential use rather than for gap investment and there is temporary non-residence due to unavoidable reasons such as work." He then introduced an article saying non-resident single homeowners have difficulty putting their homes on the market or renting them on jeonse and requested a correction to the article.
On the day, the president shared on X (formerly Twitter) an article titled "It's not for speculation… It's hard to sell, hard to lease, and hard to live in yourself." The article said the Lee Jae-myung administration is reviewing strengthening property taxes on non-resident single homes, and people who moved for reasons such as children's education and do not actually live there are voicing pain.
Regarding this, the president said, "In the same in-depth feature, is it out of ignorance to write 'If it's not for speculation and someone temporarily cannot reside due to work or children's education, what are they supposed to do?' Or do they know and still do it?" and added, "It is clearly a contradictory article, so please correct it with a bit more in-depth analysis."
Earlier, on Jan. 23, the president wrote on X, "Not only multiple homes but also non-resident single homes—if they are for investment or speculation rather than residential use—giving tax cuts for long-term holding looks strange," signaling a tax code overhaul for non-resident single homes. Unless it is actual residence, there is no need to grant tax benefits.
Under the current long-term holding special deduction rules, if a single household with a single home holds and resides for more than 10 years, up to 80% of the capital gains can be deducted. The president said the system that gives tax benefits to dwellings that are not even occupied blocks listings from coming onto the real estate market, calling it "an encouragement of speculation."