Seoul: President Lee Jae Myung has put his private home up for sale at a below-market price, Cheong Wa Dae said Friday, in a show of willingness to stabilize the property market. The private apartment in the city of Seongnam, south of Seoul, jointly owned with first lady Kim Hea Kyung, was put up for sale earlier in the day, presidential spokesperson Kang Yu-jung said in a written statement.

According to Yonhap News Agency, "Although he owns one home for residential purposes, the move is seen as intended to demonstrate to the public his commitment to normalizing the real estate market," Kang said in the statement. The decision aligns with Lee's ongoing efforts to encourage owners of multiple homes to sell their properties. This comes ahead of the government's plan to end the temporary suspension of heavy capital gains taxes in May.

In addition to urging sales, Lee has indicated that the government will pursue measures aimed at reducing incentives for speculative homeownership. This includes actions targeted at single-homeowners who hold properties for investment purposes, further reflecting Lee's commitment to a balanced real estate market.

Currently, Lee resides at an official residence in Hannam-dong in central Seoul, as renovations continue at the presidential residence within the Cheong Wa Dae compound.