“Real estate speculation is the source of Korea’s every problem.” : Lee Jae-Myung to order forced sale on the speculative ownership of farmland

President Lee Jae-myung on the 24th called for strong sanctions against violations of the Farmland Act, stating that land purchased for farming but left unused should be subject to compulsory sale orders. He also remarked that “the root of all problems in this country lies in real estate,” reaffirming his administration’s commitment to normalizing the property market by expanding regulatory efforts from metropolitan housing and multi-home ownership to agricultural land.

Speaking at a Cabinet meeting held at the presidential office, Lee linked regional population decline to excessively high real estate prices, arguing that the fundamental issue stems from overconcentration in the Seoul metropolitan area. He noted that speculative investment has driven farmland prices so high that even abandoned plots in remote rural areas now sell for 50,000 to 300,000 won per unit, making farming economically unviable for those seeking to return to rural life.

Lee emphasized that authorities must enforce actual disposal orders, criticizing loopholes that allow owners to retain farmland by merely pretending to engage in agricultural activity. Under current law, local governments have the authority to issue compulsory sale orders within six months for farmland held in violation of the constitutional principle of “land to the tiller,” which permits ownership only by those who actively farm the land. He instructed Agriculture Minister Song Mi-ryeong to conduct a comprehensive nationwide investigation if necessary, including mobilizing large-scale personnel to address systemic shortcomings in farmland management.