President Lee Jae Myung said he was not considering extending the temporary exemption from the heavier capital gains tax for owners of multiple homes, which is set to expire in May.

On social media on Friday, Lee said the measure, introduced on a temporary basis by the previous administration to boost housing transactions, would not be extended.

The policy waives the additional capital gains tax normally imposed on multi-home owners when they sell properties.

Regarding a tax exemption for homeowners who have held property for more than three years, Lee said that it seemed inappropriate to grant tax breaks based solely on long-term ownership if a property were held for investment or speculative purposes.

He added that such a system could discourage property sales and instead encourage speculation.

The president said he had no immediate plans to amend the tax system, but the matter was worth discussing.