President Lee Strongly Rebuts Media Reports
"A dog only sees what it wants..."
"First and last home bought during the 1998 IMF crisis... Sold to fulfill public duty"
Presidential Office: "Aimed at personally demonstrating commitment to market normalization"
Daily Real Estate Posts on Social Media, Targeting Even Single Homes for Investment or Speculation
"Will mobilize all policy tools to make selling more advantageous"
On February 27, President Lee Jaemyung strongly refuted media reports suggesting that he would gain "a 2.5 billion won profit" from selling his Bundang apartment, which he had planned to return to after leaving office, asking, "Why is this so malicious?" The Presidential Office announced that President Lee had put up for sale the apartment in Bundang-gu, Seongnam-si, Gyeonggi-do, which he co-owns with his wife Kim Hye-kyung.
On the same day, President Lee shared a link to the article on X (formerly Twitter), writing, "Why is this article so malicious? 'A 2.5 billion won profit,' really?" and added, "I bought this house in 1998, after moving from rental to rental, and during the IMF crisis it was the first and last house I ever bought in my life." He continued, "This house holds much more sentimental value than money because it is where I raised my children and spent my younger years," and explained, "After retiring, I had wanted to live in this house for the rest of my life, cherishing the traces of my children and memories of my youth."
President Lee also expressed his personal feelings about the sharp increase in property prices. The Bundang apartment he purchased in 1998 for 366 million won is now being listed for 2.9 to 3.2 billion won for similar units. President Lee said, "I didn't buy this house to make money, but the price has risen more than what I earned working my entire life as a professional. In one sense, that's good, but at the same time, it feels absurd. Who would want to work under these circumstances? I felt as if I sinned against society."
As for the reason for the sale, he cited the need to block "political attacks" and fulfill his "responsibility as a public official." President Lee stated, "Just as I didn't buy it for money, I'm not selling it for money either. Economically, there may be some profit, but as the person ultimately responsible for real estate policy, I felt it was my duty as a public official to set an example, rather than provide ammunition for political attacks by holding onto an apartment."
He reiterated, "If I had kept this house, it wouldn’t have been because I expected the price to rise or, as some say, to benefit from redevelopment, but because it is like a cherished keepsake containing memories of my life and my children."
He dismissed the reports as attempts to "frame him as a speculator." President Lee commented, "There’s a saying that a dog only sees what it wants. To claim 'a 2.5 billion won profit'-are they implying there’s some other illegal act involved? They just want to paint me as a real estate speculator."
He added, "If you say this is freedom of the press and I must accept it, I will, but I think it's clearly excessive to treat me as a real estate speculator."
On X (formerly Twitter), President Lee reiterated, "I bought this house in 1998, and it was the first and last home I ever bought during the IMF crisis." He said, "It is a house that holds much more sentimental value than money because I raised my children and spent my younger years there." He also stated, "Just as I didn't buy it for money, I’m not selling it for money either. I am selling it to fulfill my responsibility as a public official, not to provide political ammunition regarding real estate issues as the person in charge of real estate policy."
Presidential Office: "Intended to demonstrate commitment to market normalization... Listed below market price"
The Presidential Office explained that President Lee’s decision to list the Bundang apartment for sale was meant to demonstrate his commitment to real estate market normalization, and that the asking price was set well below market value. The property is jointly owned by President Lee and his wife Kim. It is known that the apartment was listed with the consent of the current tenant, who still has time remaining on their contract. President Lee is also said to have told aides that holding onto the house would be a greater loss and that he intended to sell it.
Kang Yujeong, spokesperson for the Presidential Office, explained, "President Lee was a single-home owner for residential purposes, but it appears that he is trying to personally demonstrate his will to normalize the real estate market to the public. The apartment has been listed 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 commented, "(The President) seems to think that selling the house now and investing the proceeds in exchange-traded funds (ETFs) or other financial products would be more profitable. Once the real estate market normalizes, it would be more advantageous to buy a house again after retirement."
Previously, President Lee had put the Bundang apartment up for sale in May 2022, when he ran for the parliamentary by-election in Gyeyang, Incheon. At that time, it was listed at a price 100 million won below market value, but the sale did not go through. After being elected president, he expressed his commitment to market normalization, leading to calls from the opposition to "sell his house first." On February 2, Jang Donghyeok, leader of the People Power Party, criticized President Lee at a Supreme Council meeting in the National Assembly, saying, "He said he would sell it since 2022 after becoming a member of the National Assembly for Incheon, but he still hasn’t."
In response, on February 14, President Lee stated on X (formerly Twitter), "For the record, I own only one house." He countered Jang's remarks by saying, "I have not been able to live there temporarily due to my job, but it is my home to return to after retirement. The presidential residence is not my personal property, so please do not treat me as a multi-home owner."
Political circles were divided over President Lee’s decision to sell the Bundang apartment. The Democratic Party used the sale to attack Jang Donghyeok, leader of the People Power Party, who owns six homes, while the People Power Party dismissed it as "a publicity stunt."
'Aiming at even single homes for investment and speculation: "Will mobilize all policy tools to make selling more advantageous"
On the 5th, apartment sale information is posted in front of a real estate agency located within a large apartment complex in downtown Seoul. 2026.02.05
Continuing to post about real estate policy on social media each day, President Lee wrote on X on the 26th that he would use every policy tool available to make it more advantageous to sell rather than hold for not only owners of multiple homes, but also those who own a single home for investment or speculation rather than for residential purposes. This clarified that he would expand his policy, previously focused on multiple-home owners, to ensure that even owners of a single home for investment or speculative purposes would find it more beneficial to sell than to hold.
President Lee wrote, "We will actively protect genuine residential needs, but will design systems to thoroughly block investment and speculation using housing," adding, "Various regulations and burdens will be based on single homes used as actual residences, and we will carefully adjust the burden depending on whether the home is used for residence, the number of homes, and their price levels." He further emphasized, "Ultra-high-priced homes will face burdens and regulations equivalent to those found in the capitals of advanced countries."
He reiterated that there are ample policy tools for price stabilization. President Lee stated, "Entrusted with power by the people, if I do not calculate votes and am willing to withstand criticism and resistance from some, there are countless measures I can take with strong authority over taxation, finance, and regulations to curb ruinous real estate speculation." He added, "Through powerful financial, tax, and regulatory measures, after May 9, even owners of multiple homes will find it more advantageous to sell and accept heavier capital gains taxes, rather than hold out. That’s the situation I will create-and must create."
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