President Lee Jae-myung has put his private home up for sale at a below-market price to help stabilize the property market, Cheong Wa Dae said on February 27. The apartment in Seongnam, south of Seoul, is jointly owned with first lady Kim Hae-kyung and measures 164 square meters, purchased in 1998 for 360 million won. The move aligns with the government's push for multiple-home owners to sell ahead of the end of a temporary capital gains tax suspension in May.
President Lee Jae-myung listed his private apartment in Seongnam for sale at 2.9 billion won on February 27, below the recent transaction range of 3.1 billion to 3.2 billion won. Cheong Wa Dae spokesperson Kang Yu-jung stated in a written release that "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."
The 164-square-meter apartment, bought with his wife in 1998 for 360 million won (US$250,000), served as their family home where Lee spent his younger years and raised his children before he moved to the presidential residence upon taking office in June last year. Lee currently resides at an official residence in Hannam-dong, central Seoul, while renovations continue at the presidential residence in the Cheong Wa Dae compound. The property is leased to a tenant, with the rental contract still in effect.
A senior presidential official, speaking anonymously, said President Lee judged that selling now and investing the proceeds in other financial assets would be more economically advantageous. The official added that Lee told aides it might be better to sell the property now and purchase a private residence after retirement if the real estate market normalizes. Former presidents typically live in single-family homes post-tenure to accommodate Presidential Security Service protection for up to 15 years, which requires extra space.
On social media, Lee described the apartment as a storied home with attachment far exceeding its financial value, stating he is selling it to fulfill his responsibility as the chief of real estate policies. He shared a media report estimating net proceeds at 2.5 billion won, emphasizing that he neither bought nor is selling it for money.
This action coincides with Lee's urging of multiple-home owners to sell before the government's temporary suspension of heavy capital gains taxes ends in May, alongside plans to curb incentives for speculative homeownership, even among single-home owners.
