President Lee Lists Bundang Apartment for Sale... Presidential Office: "Commitment to Market Normalization" (Comprehensive)

Demonstrating His Commitment to Real Estate Market Normalization by Personally Selling His Home

Presidential Office: "Listed at a Price Lower Than the Current Market Value"

President Lee Jae-myung is speaking at the "Listening to the Heart of Jeonbuk" town hall meeting held at Jeonbuk National University in Jeonju, Jeonbuk, on the 27th. Photo by Yonhap News

President Lee Jae-myung listed his apartment in Bundang-gu, Seongnam, Gyeonggi Province for sale on the real estate market on the 27th. The Presidential Office explained that this measure was intended to demonstrate a commitment to normalizing the real estate market, and stated that the price is significantly lower than the current market value.

Kang Yujeong, spokesperson for the Presidential Office, made this announcement to the press corps on the same day. The property is jointly owned by President Lee and First Lady Kim. It is reported that the apartment was listed after obtaining consent from the current tenant, whose lease term has not yet expired. President Lee is also said to have told his close aides that holding onto the house would be more disadvantageous and that he intended to sell his own home as well.

Spokesperson Kang explained, "Although he was a single-home owner for residential purposes, it is interpreted as an effort to personally show the public his determination to normalize the real estate market," adding, "The apartment is currently listed for sale at a price lower than both last year’s actual transaction price and the current market value."

Regarding this, an official from the Presidential Office stated, "It appears that the President believes it would be financially more beneficial to sell his home now and invest the funds in exchange-traded funds (ETFs) or other financial products," and added, "Once the real estate market normalizes, it would be more advantageous to purchase a home again after retiring from office."

The official further emphasized, "This action is intended to personally demonstrate to the public the President’s strong commitment to normalizing the real estate market."

Previously, in May 2022, President Lee put the same Bundang-gu apartment on the market when he ran for the Gyeyang-eul parliamentary by-election in Incheon. At that time, the apartment was listed for 100 million won less than the going market rate, but the sale did not go through.

After being elected President, he expressed his commitment to normalizing the real estate market, which led to demands from the opposition party for him to sell his house first. On February 2, Jang Donghyuk, leader of the People Power Party, criticized President Lee during a Supreme Council meeting held at the National Assembly in Yeouido, saying, "He said he would sell since becoming a member of the National Assembly for Incheon in 2022, but he still hasn’t sold it."

In response, President Lee countered on his X (formerly Twitter) account on the morning of the 14th, "For the record, I own only one home." Regarding Jang’s remarks, he pointed out, "Although I am temporarily unable to reside there due to my work, it is a residential home to which I will return after retirement," and added, "The presidential residence is not my personal property, so please do not treat me as a multi-home owner."

This content was produced with the assistance of AI translation services.