Lee signals tougher property holding taxes to curb housing speculation

President Lee Jae Myung on Thursday signaled stronger property holding taxes to curb housing speculation, saying speculative multiple-home owners should bear a heavier tax burden than owner-occupiers.

The remarks came during a televised public forum on housing policy ahead of the government's tax reform package expected later this month.

The package is aimed at reining in runaway housing prices, as speculative purchases drive home prices high, leaving many people unable to afford to own their own homes.

"To bring Korea's property holding taxes in line with those of advanced economies, they would have to be raised at least threefold.

But if we tripled them now, it could trigger something close to a public uprising," Lee said.

"If we leave things as they are, the problem will deal a massive blow to the country.

We need to address this issue, even if it comes at a political cost." Lee said there was broad public support for stronger property holding taxes, but stressed that tax policy should differentiate between owner-occupiers and those owning multiple homes for speculative purposes.

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