The apartment in Seongnam, just south of Seoul, which he jointly owns with first lady Kim Hea Kyung, was put on the market Friday, presidential spokesperson Kang Yu-jung said in a written statement, as reported by Yonhap.
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South Korean President Lee Jae Myung in Seoul in June 2025. Photo by AFP |
“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,” Kang said.
The decision follows Lee’s call for multiple-home owners to sell their properties ahead of the government’s plan to lift a temporary suspension of heavy capital gains taxes in May.
Lee has also indicated the government will push measures to curb incentives for speculative homeownership, including by single-home owners holding property for investment.
He is currently living at an official residence in Hannam-dong, central Seoul, while renovation work continues at the presidential residence inside the Cheong Wa Dae compound.
Lee purchased the 164-square-meter apartment with his wife in 1998 for KRW360 million (US$250,000) and lived there until moving to the presidential residence after taking office in June last year.
The property has reportedly been listed at KRW2.9 billion, below recent transaction prices of KRW3.1–3.2 billion. A senior presidential official said the apartment is presently leased to a tenant, with the rental contract still valid.
“President Lee appears to have judged that selling the house now and investing the proceeds in other financial assets would be more economically advantageous,” the official told reporters on condition of anonymity.
“Lee has made comments to his aides that, if the real estate market normalizes, it may be better to sell the property now and purchase a private residence after his retirement,” the official added.
Lee has argued that property should no longer serve as the default investment vehicle for households and has pointed to stronger participation in capital markets as evidence of structural change, according to The Korea Economic Daily.
Lee has promised to push the benchmark Kospi index to 5,000. Since his election last June, the index has jumped more than 90% and recently surpassed 6,000, supported by strong retail inflows and improving corporate earnings.
Former presidents typically reside in private single-family homes rather than apartments, as they qualify for Presidential Security Service protection for up to 15 years after leaving office – a requirement that calls for additional space for security personnel.
In a later social media post, Lee described the apartment as a home filled with memories from his youth and the place where he raised his children, saying the decision to sell reflected his responsibility as a public official.
“It is a home to which I have an attachment several times greater than its financial worth,” Lee said. “I am selling it in order to fully take responsibility … as the chief of real estate policies.”
