Lee vows to end real estate tax evasion, illegal speculation

President Lee Jae-myung said Monday that illegal real estate speculation and tax evasion "will no longer be tolerated," vowing to break free from what he called a "ruinous republic of unearned real estate income."

Lee made the remarks on X, formerly Twitter, where he shared a news report headlined "Tips flood in with rewards up to 4 billion won — over 8 in 10 real estate tax evasion reports come from Greater Seoul."

According to the report, more than 8 in 10 tips received by the National Tax Service's real estate tax evasion reporting center involve properties in the Greater Seoul area. A reward ceiling of up to 4 billion won ($2.9 million) has helped spur public vigilance, the report said.

Lee has repeatedly emphasized his commitment to real estate normalization since late January. The government is reviewing tighter regulations on non-resident single-homeowners and stricter lending rules following the end of the multi-homeowner surtax grace period on May 9. Whether additional policy measures will be announced remains to be seen.