President Lee Lists Bundang Apartment Below Market Price

President Lee Jae-myung has listed his Bundang-district apartment in Seongnam, Gyeonggi Province, which he co-owned with First Lady Kim Hye-kyung, at below-market price.

Presidential spokesperson Kang Yu-jung announced on the 27th that "President Lee was a single-home owner for residential purposes, but this listing is interpreted as his intention to personally demonstrate his commitment to normalizing the real estate market to the public."

President Lee had previously listed the Bundang apartment at 100 million won below market price when he ran in the Incheon Gyeyang by-election in May 2022. However, the sale fell through as buyer demand sharply contracted amid the rapidly cooling real estate market and rising interest rates at the time. Spokesperson Kang added, "The apartment is currently listed below both last year's transaction price and current market value."

President Lee purchased the 164-square-meter unit in Geumho Complex 1 at Yangji Village, Bundang, jointly with First Lady Kim for 360 million won in 1998 and has held it for 29 years. The complex has since been designated as a pilot zone for first-generation new town reconstruction, with property values rising to between 2.8 billion and 3 billion won.