(ATTN: UPDATES with extra particulars in final 3 paras)
By Kim Eun-jung
SEOUL, Feb. 27 (Yonhap) — President Lee Jae Myung has put his personal residence up on the market at a below-market worth, Cheong Wa Dae stated Friday, in a present of willingness to stabilize the property market.
The personal condominium within the metropolis of Seongnam, south of Seoul, collectively owned with first woman Kim Hea Kyung, was put up on the market earlier within the day, presidential spokesperson Kang Yu-jung stated in a written assertion.
“Though he owns one residence for residential functions, the transfer is seen as meant to exhibit to the general public his dedication to normalizing the true property market,” Kang stated within the assertion.
The transfer comes as Lee has urged homeowners of a number of houses to promote their properties forward of the federal government’s plan to finish the short-term suspension of heavy capital beneficial properties taxes in Could.
Lee has additionally signaled the federal government will pursue measures to cut back incentives for speculative homeownership, together with amongst single-homeowners who maintain properties for funding functions.
Lee at the moment resides at an official residence in Hannam-dong in central Seoul whereas renovations are underway on the presidential residence throughout the Cheong Wa Dae compound.
President Lee Jae Myung speaks throughout a townhall assembly at Jeonbuk Nationwide College in Jeonju, about 240 kilometers south of Seoul, on Feb. 27, 2026. (Yonhap)
Lee purchased the 164-square-meter condominium together with his spouse in 1998 for 360 million received (US$250,000) and lived there earlier than shifting to the presidential residence when taking workplace in June final 12 months.
He has reportedly listed the house at 2.9 billion received, under the current transaction vary of three.1 billion received to three.2 billion received.
A senior presidential official stated the house is at the moment leased to a tenant and the rental contract stays in impact.
“President Lee seems to have judged that promoting the home now and investing the proceeds in different monetary belongings could be extra economically advantageous,” the official advised reporters on situation of anonymity.
“Lee has made feedback to his aides that, if the true property market normalizes, it might be higher to promote the property now and buy a personal residence after his retirement,” the official added.
Former presidents sometimes reside in personal single-family houses reasonably than condominium models, as they’re eligible for Presidential Safety Service safety for as much as 15 years after retirement, which requires extra area for safety personnel.
On his social media account, Lee later described the condominium unit as a storied residence the place he spent his youthful years and raised his kids, saying his determination to promote it stemmed from his sense of duty as a authorities official.
“It’s a residence to which I’ve an attachment a number of occasions better than its monetary price,” Lee stated. “I’m promoting it with the intention to absolutely take duty … because the chief of actual property insurance policies.”
The president uploaded a hyperlink to a media report claiming the web proceeds from promoting the condominium unit would quantity to 2.5 billion received, saying he neither purchased neither is promoting it for cash.
ejkim@yna.co.kr
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