Seoul: President Lee Jae Myung has put his private home up for sale at a below-market price, Cheong Wa Dae announced Friday, demonstrating his commitment to stabilizing the property market amid ongoing economic challenges. The private apartment, located in Seongnam city south of Seoul, is jointly owned with First Lady Kim Hea Kyung and was listed earlier in the day, as confirmed by presidential spokesperson Kang Yu-jung in a written statement.
According to Yonhap News Agency, the decision to sell the home is intended to show the public President Lee's dedication to normalizing the real estate market. Despite owning just one home for residential use, Lee's move aligns with his calls for owners of multiple properties to sell ahead of the government's planned reinstatement of heavy capital gains taxes in May. He has also indicated that the government will consider measures to reduce incentives for speculative homeownership, even among single-homeowners who hold properties for investment.
Currently residing in an official residence in Hannam-dong, central Seoul, while renovations are completed at the presidential residence within the Cheong Wa Dae compound, Lee purchased the 164-square-meter apartment with his wife in 1998 for 360 million won (approximately US$250,000). He has now reportedly listed it for 2.9 billion won, which is below the recent transaction range of 3.1 billion won to 3.2 billion won.
A senior presidential official noted that the apartment is currently leased to a tenant, with the rental contract still in effect. "President Lee appears to have judged that selling the house now and investing the proceeds in other financial assets would be more economically advantageous," the official mentioned anonymously, adding that Lee has discussed with aides the potential benefits of selling now and buying a new private residence post-retirement, should the real estate market stabilize.
Former presidents in South Korea traditionally reside in private single-family homes, a choice that accommodates the Presidential Security Service's protection requirements for up to 15 years after their retirement, necessitating additional space for security personnel.