Seoul: President Lee Jae Myung has put his private home up for sale at a below-market price, Cheong Wa Dae announced on Friday, signaling his intent to stabilize the property market.
According to Yonhap News Agency, the private apartment located in Seongnam, south of Seoul, is jointly owned with first lady Kim Hea Kyung and was listed earlier in the day. Presidential spokesperson Kang Yu-jung stated in a written release that although President Lee owns this home for residential purposes, the sale is meant to demonstrate his commitment to normalizing the real estate market.
The move aligns with President Lee's call for owners of multiple homes to sell their properties ahead of the government's plan to end the temporary suspension of heavy capital gains taxes in May. Furthermore, Lee has indicated that the government will implement measures to reduce incentives for speculative homeownership, even among single-homeowners holding properties for investment.
President Lee currently resides at an official residence in Hannam-dong, central Seoul, while renovations are ongoing at the presidential residence within the Cheong Wa Dae compound. The apartment in Seongnam, purchased with his wife in 1998 for 360 million won (approximately US$250,000), has been listed at 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 mentioned that the home is currently leased to a tenant, and the rental contract remains active. The official, speaking anonymously, noted that President Lee seems to believe selling the house now and investing the proceeds in other financial assets would be economically beneficial. Lee has reportedly expressed to his aides that if the real estate market stabilizes, selling the property now and acquiring a private residence post-retirement might be advantageous.
Historically, former presidents tend to live in private single-family homes as they receive Presidential Security Service protection for up to 15 years after retirement, necessitating additional space for security personnel.
On social media, Lee described the apartment as a cherished home where he spent his formative years and raised his children. He emphasized that his decision to sell the property is rooted in his responsibility as a government official, stating, "It is a home to which I have an attachment several times greater than its financial worth. I am selling it to fully take responsibility ... as the chief of real estate policies."
Lee also shared a media report link indicating that the net proceeds from the sale would amount to 2.5 billion won, clarifying that financial gain was not his motivation.