President Lee Jae-myung's decision to list his Bundang apartment for 2.9 billion won ($21 million) drew criticism from People Power Party lawmaker Ahn Cheol-soo, who said only "super rich" buyers with at least 2.7 billion won in cash could afford it.
Ahn posted on his Facebook account on Sunday, calling the move "shortsighted" despite Lee's stated intention to demonstrate his commitment to normalizing the real estate market.
"Due to the October 15 lending regulations last year, homes priced above 2.5 billion won are limited to maximum loans of 200 million won, meaning buyers need at least 2.7 billion won in cash," Ahn wrote. "Adding acquisition taxes and brokerage fees requires another 100 million won or more."
The lawmaker argued that Lee's policies have fueled hostility toward multiple-home owners and intimidated single-home owners who don't reside in their properties, yet the resulting listings remain accessible only to ultra-wealthy buyers.
Citing the 2025 Household Finance and Welfare Survey showing the top 10% of households control 46% of total household assets, Ahn warned that current policies strip middle-class families of their right to purchase homes while expanding opportunities for upper-class asset accumulation.
"If this continues, we will become a society of extreme asset disparity with no class mobility within years," Ahn said. "If the president genuinely wants to normalize the real estate market, he should also discuss expanding loan opportunities so ordinary buyers can afford homes."