Seoul: The apartment owned by President Lee Jae Myung and first lady Kim Hea Kyung was sold for 2.9 billion won (US$1.96 million), five months after it was put on the market, official records showed Monday.

According to Yonhap News Agency, Lee and Kim had put their only home in Seongnam, just south of Seoul, up for sale in February as part of the administration's effort to curb runaway home prices. The ownership transfer was dated last Thursday, as per a certified copy of the real estate register.

The buyers registered a mortgage with a maximum secured amount of 1.78 billion won in favor of the president and his wife, indicating that Lee effectively loaned the amount to the buyers until they pay the balance, which they have reportedly committed to doing around October.

Cheong Wa Dae confirmed the sale of the property. "As the owner of a single home, (Lee) is under no obligation to sell, but took the measure to demonstrate his commitment to realizing his real estate normalization policy," the presidential office said.