President Lee Jae-myung to sell Bundang apartment amid real estate policy focus

President Lee Jae-myung and his wife are nearing the completion of the sale of their apartment in Bundang, Seongnam, a property they have owned since the IMF financial crisis. The apartment, listed for 2.9 billion won, was put on the market in February.

According to the presidential office, a preliminary contract was signed shortly after the property was listed, but the finalization of the main contract has been delayed due to administrative procedures, including land transaction permits. The presidential office stated that the main contract is expected to be signed within days.

President Lee had explained his decision to sell the apartment in a social media post in February. He described the home as his first and last purchase, bought during the IMF crisis, and a place where he raised his children. Lee stated that as the person in charge of real estate policy, he decided to sell the home to set an example and avoid providing political ammunition to critics, rather than letting personal attachment to the property interfere with his responsibilities.

The apartment's asking price of 2.9 billion won was reportedly on the lower side compared to similar units in the area, reflecting Lee's stated intention to lead by example in addressing housing issues.