Seoul: First Vice Land Minister Lee Sang-kyeong has offered to resign following his controversial remarks about the housing market, which have sparked widespread criticism. Lee suggested that people should purchase homes once the overheated market stabilizes and prices fall, a statement at odds with the current administration’s policies.

According to Yonhap News Agency, Lee’s comments, made during a recent appearance on a YouTube channel, drew backlash from both ruling and opposition parties. Critics accused him of being insensitive to the challenges faced by ordinary citizens trying to buy homes, especially as the government has recently tightened housing-related loans to control soaring prices.

Further scrutiny revealed that Lee had previously purchased property using a “gap-investment” strategy facilitated by South Korea’s jeonse system. This system allows tenants to make large deposits instead of monthly rent payments. The government’s recent designation of Seoul and parts of Gyeonggi Province as speculative zones aims to curb such investment practices.

Lee, a former real estate professor with close ties to President Lee Jae Myung, has been a key policy advisor since the president’s earlier political roles. The housing market has become a major political issue ahead of upcoming local elections, with Seoul’s apartment prices rising sharply, especially near the Han River.

The administration has considered raising the property holding tax to stabilize the market, though the ruling Democratic Party has been cautious about this approach due to potential backlash from supporters. This discussion arises despite the president’s campaign promise to avoid tax hikes as a primary market stabilization strategy.