South Korean President Lee Jae‑myung sees dip in approval as he pushes real‑estate tax reforms

A July 23 public debate on real‑estate policy in Seoul saw President Lee Jae‑myung advocate stronger holding taxes and differentiated treatment for single‑home owners versus multiple‑home owners. He said, "I generally agree that we need to strengthen the holding tax," and emphasized the need for an "exit route" for multiple‑home owners.

Opinion polls released around the same time showed a decline in the president’s approval. Korea Info Research reported a 40.8% positive rating and 56.5% negative rating, a drop of 7.8 points from the previous survey. A separate Gallup poll recorded a 51% positive evaluation, down three consecutive weeks, with criticism focused mainly on real‑estate policy.

Lee also noted that redevelopment and reconstruction projects are unlikely to significantly increase the total number of households, and he warned that high‑price housing tax thresholds were being discussed at 30‑50 billion won. Additionally, the president indicated that limiting the primary‑home capital‑gains tax exemption to once per lifetime was “reasonable,” signalling possible reforms to curb frequent house‑hopping.

These statements and poll results underline growing public scrutiny of the administration’s real‑estate agenda ahead of upcoming legislative and fiscal deliberations.