▲ President Lee Jae Myung speaks during a townhall meeting at Jeonbuk National University in Jeonju, about 240 kilometers south of Seoul, on Feb. 27, 2026. (Yonhap)

(2nd LD) Lee-home sale

(2nd LD) Lee puts private home up for sale

(ATTN: UPDATES with more details in last 3 paras)

By Kim Eun-jung

SEOUL, Feb. 27 (Yonhap) -- President Lee Jae Myung has put his private home up for sale at a below-market price, Cheong Wa Dae said Friday, in a show of willingness to stabilize the property market.

The private apartment in the city of Seongnam, south of Seoul, jointly owned with first lady Kim Hea Kyung, was put up for sale earlier in the day, presidential spokesperson Kang Yu-jung said in a written statement.

"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 in the statement.

The move comes as Lee has urged owners of multiple homes to sell their properties ahead of the government's plan to end the temporary suspension of heavy capital gains taxes in May.

Lee has also signaled the government will pursue measures to reduce incentives for speculative homeownership, including among single-homeowners who hold properties for investment purposes.

Lee currently resides at an official residence in Hannam-dong in central Seoul while renovations are underway at the presidential residence within the Cheong Wa Dae compound.

Lee bought the 164-square-meter apartment with his wife in 1998 for 360 million won (US$250,000) and lived there before moving to the presidential residence when taking office in June last year.

He has reportedly listed the home at 2.9 billion won, below the recent transaction range of 3.1 billion won to 3.2 billion won.

A senior presidential official said the home is currently leased to a tenant and the rental contract remains in effect.

"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.

Former presidents typically reside in private single-family homes rather than apartment units, as they are eligible for Presidential Security Service protection for up to 15 years after retirement, which requires additional space for security personnel.

On his social media account, Lee later described the apartment unit as a storied home where he spent his younger years and raised his children, saying his decision to sell it stemmed from his sense of responsibility as a government 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."

The president uploaded a link to a media report claiming the net proceeds from selling the apartment unit would amount to 2.5 billion won, saying he neither bought nor is selling it for money.

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