South Korean President Lee Jae-myung has directed a review of the property holdings of government officials, aiming to prevent conflicts of interest and bolster public trust in his administration’s real estate policies. The move comes as the government prepares to implement significant changes to address the country’s housing market, a key issue for many South Koreans.
President Lee, who has repeatedly emphasized the need to eradicate real estate speculation, signaled a zero-tolerance approach to any perceived impropriety among those involved in shaping housing policy. He stated that “escaping the ‘Republic of Real Estate’ is a core task for the complete transformation of South Korea,” and that stabilizing housing prices is “an issue of success or failure for this administration and the fate of the Republic of Korea.” He stressed that “not even 0.1% of flaws or loopholes” can be tolerated in real estate policy.
The directive is widely seen as an effort to avoid repeating past failures, where previous administrations’ real estate policies were undermined by ethical lapses among policymakers. In 2021, a scandal involving employees of the Korea Land & Housing Corporation (LH) purchasing land in areas slated for new development severely damaged public confidence in the Moon Jae-in administration’s housing initiatives. The Associated Press reported on the fallout from the LH scandal at the time.
According to reports, President Lee raised the LH case during an internal meeting on March 20, 2026, emphasizing the importance of preventing similar incidents. Recent scrutiny has also focused on allegations of land parceling involving presidential aides Jeong Jeong-ok, the Senior Secretary for Gender Equality and Family, and Yoon Seong-hyeok, the Industry Policy Secretary. A source within the presidential office indicated that the review is a “preemptive measure to enhance the credibility of future real estate policies.”
The President recently shared a news article on X (formerly Twitter) detailing a case of someone using business loans to purchase property, stating that proactively repaying the loan is a more rational choice than facing criminal charges and a tax investigation. This underscores his commitment to addressing speculative practices in the real estate market.
Policy Impact and Official Scrutiny
Attention is now focused on how many presidential staff and government officials will be excluded from involvement in real estate policy due to their property holdings. The presidential office has initiated a review of the housing assets of officials involved in real estate and housing policy, with plans to reassign those with potential conflicts of interest. The directive has been communicated to all ministries, according to officials.
Approximately 12 presidential secretaries and aides at the vice-minister level or higher are known to own multiple properties. Several, including Social Affairs Senior Secretary Moon Jin-young, Personnel Secretary Cho Seong-ju, and Public Relations Secretary Kim Sang-ho, have announced plans to sell their properties. Others, including Senior Civil Affairs Secretary Bong Wook, Land and Transportation Secretary Lee Seong-hoon, First Deputy Secretary Kim Hyun-ji, and National Planning Secretary Kwon Soon-jeong, own two or more homes. Lee Seong-hoon, directly involved in policy design, has reportedly put his property on the market.
Government agencies responsible for real estate policy include the Tax Division of the Ministry of Economy and Finance, parts of the Ministry of Economy and Finance’s economic policy bureau, and the housing policy division of the Ministry of Land, Infrastructure and Transport. Officials with ranks subject to asset disclosure – ministers and bureau directors – are reportedly either single-homeowners or do not own property. The Financial Services Commission also reports no multi-homeowners among its relevant staff, with those owning one home residing in it.
What to Expect Next
The outcome of the property review and the subsequent reassignments will be closely watched as a signal of the administration’s commitment to transparency and ethical governance. The effectiveness of these measures in restoring public trust and stabilizing the housing market remains to be seen. The government’s next steps in formulating and implementing its real estate policies will be crucial in addressing the long-standing challenges facing the South Korean housing sector.
Share your thoughts on this developing story in the comments below.
