President Lee Refutes Reports on Residency Exemption for First-Time Homebuyers: "Close to Unreasonable Criticism"

On May 11, President Lee Jae-myung refuted media reports that characterized the government's plan to temporarily suspend the occupancy requirement for certain first-time homebuyers as "effectively gap investment," stating that such claims were "close to forced criticism."

On the morning of the same day, President Lee shared a related article on his X account (formerly Twitter) and made these remarks. The government is currently considering measures to allow first-time homebuyers a grace period for the occupancy requirement when purchasing a home with an existing tenant in a Land Transaction Permission Area (LTPA), if the seller is a non-resident single-home owner. The article in question argued that this measure would "effectively permit gap investment for first-time homebuyers."

President Lee Jae-myung is delivering a congratulatory speech at the Parents' Day ceremony held on the 8th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. 2026.5.8 Photo by Yonhap News

In response, President Lee explained, "To ensure fairness, the Ministry of Land, Infrastructure and Transport has limited eligible buyers to first-time homebuyers, granting non-resident single-home owners with tenants the opportunity to sell on the same terms as multi-home owners. The buyer may move in after the current tenant's lease expires, but this grace period cannot exceed two years."

President Lee continued, "This policy gives single-home owners who cannot sell because they are unable to move in within four to six months due to the tenant's lease period, a chance to sell. However, the buyer is required to pay the deposit and take occupancy within two years. Claiming this is a permit for gap investment seems excessive, as the buyer must pay the full purchase price, including the deposit, within the remaining lease period, which is at most two years."

President Lee also emphasized, "Overcoming the real estate republic is an essential task for the normalization and sustainable development of our country. If real estate speculation resurfaces, how many will benefit? I ask for your cooperation."

This content was produced with the assistance of AI translation services.