South Korean President Lee Jae-myung has listed his apartment in Bundang, Seongnam City, Gyeonggi Province, for sale at a price below market value, his office announced on Wednesday, February 27, 2026. The move, involving a property co-owned with his wife, Kim Hye-kyung, is being framed as a demonstration of the president’s commitment to stabilizing the country’s real estate market.
According to a statement released by Presidential Spokesperson Kang Yu-jeong, President Lee, whereas owning the property as his primary residence, intends to “personally show the public his will to normalize the real estate market.” This decision comes as South Korea continues to grapple with housing affordability and market volatility. The president’s action is being closely watched as a potential signal of broader policy shifts.
This isn’t the first time President Lee has attempted to sell the Bundang apartment. In May 2022, while campaigning for a National Assembly by-election in Incheon’s Gayang-eul district, he initially listed the property for 100 million won less than its appraised value. However, that sale did not materialize. At the time, the apartment’s price exceeded 1.5 billion won – a threshold that restricted access to mortgage financing – and rising interest rates dampened buyer enthusiasm, leading to a stalled transaction.
Spokesperson Kang Yu-jeong indicated that the current listing price is lower than both the previous year’s transaction prices and the current market valuation. The specifics of the price reduction have not been disclosed, but the intention is clearly to attract buyers in a challenging market. This latest attempt to sell the property underscores the administration’s focus on addressing public concerns about real estate speculation and affordability.
Previous Attempts and Market Conditions
The 2022 attempt to sell the apartment coincided with President Lee’s shift from his role as Gyeonggi Province Governor to a parliamentary candidate. Selling the property then was presented as a gesture of aligning his actions with his political messaging. However, the unfavorable market conditions at the time – high prices coupled with rising interest rates – proved to be significant obstacles. The situation reflects broader trends in the South Korean housing market, where high property values and stringent lending rules have created barriers for potential homebuyers.
The Broader Context of South Korea’s Real Estate Market
South Korea’s real estate market has long been characterized by high prices, particularly in the Seoul metropolitan area. Government policies aimed at curbing speculation and increasing housing supply have had mixed results. Recent years have seen a series of measures, including increased property taxes and stricter lending regulations, designed to cool the market. However, demand continues to outstrip supply in many areas, contributing to ongoing affordability challenges. The current administration has signaled its intention to pursue more comprehensive reforms, and President Lee’s decision to sell his own property can be seen as a symbolic step in that direction.
Stakeholders and Potential Impact
The sale of President Lee’s apartment is likely to be closely scrutinized by a range of stakeholders, including potential homebuyers, real estate investors, and opposition parties. A successful sale could be interpreted as a sign of confidence in the government’s policies and a positive signal for the market. However, a failure to sell could raise questions about the effectiveness of the administration’s approach. The move also carries symbolic weight, demonstrating the president’s willingness to lead by example in addressing the country’s housing challenges.
Looking Ahead
The next key development will be observing the response to the listing and whether potential buyers show interest in the property. The outcome of the sale could influence the government’s future real estate policies and its broader efforts to address housing affordability. Further details regarding the listing price and any potential buyer feedback are expected to be released in the coming weeks. The administration has not yet announced any specific follow-up actions contingent on the sale, but officials have indicated that they are prepared to consider additional measures if necessary to stabilize the market.
This is a developing story, and we will continue to provide updates as they develop into available. Readers interested in learning more about South Korea’s real estate market can discover additional information from official government sources and reputable financial news outlets.
