President Lee Jae-myung has listed his apartment in Bundang, Seongnam, Gyeonggi Province—jointly owned with First Lady Kim Hye-kyung—at a price below market value. The Presidential Office said Lee is considering investing the proceeds in exchange-traded funds (ETFs).
Presidential spokesperson Kang Yu-jeong announced on the 27th that "President Lee was a single-home owner for residential purposes, but this listing appears intended to personally demonstrate his commitment to normalizing the real estate market to the public."
Lee purchased the 164-square-meter apartment in Bundang's Yangji Village Kumho Complex 1 jointly with Kim for 360 million won in 1998 and has held it for 29 years. The complex was designated as a pilot zone for first-generation new town reconstruction during the Yoon Suk-yeol administration, pushing prices to around 3 billion won. Kang said Lee listed the property "below both last year's actual transaction price and current market value." The apartment is reportedly listed at 2.9 billion won. A tenant currently resides in the unit.
A Presidential Office official said Lee "seems to have concluded that holding the property is more disadvantageous" and "appears to believe that investing the proceeds in ETFs or other financial instruments would be more economically beneficial." The official added that Lee "seems to think repurchasing a home after his term ends would be more advantageous once the real estate market normalizes."
Lee's listing has renewed attention on remarks by People Power Party leader Jang Dong-hyuk. Jang recently wrote on social media: "Isn't the President himself holding a 'Bundang reconstruction lottery' expected to yield 5 billion won in capital gains after leaving office? If those at the top are clutching lottery tickets, will those below sell their homes? Please first clarify what you plan to do with your own lottery ticket."
In May 2022, Lee listed the same Bundang apartment at 100 million won below market value when running in the Incheon Gyeyang by-election. The sale fell through due to the sharply contracted real estate market at the time.