On February 27, 2026, President Lee Jae-myung made headlines across South Korea by listing his longtime Bundang apartment for sale—at a price notably below the prevailing market rate. The move, confirmed by the Blue House, was quickly interpreted as more than just a personal financial decision. Instead, it was seen as a bold, public demonstration of the president’s intent to normalize the country’s overheated real estate market, sending a ripple through both political circles and the broader public.
The apartment in question is a 164-square-meter unit in the Kumho 1st Complex, Yangji Village, Bundang, Gyeonggi Province. Jointly owned with First Lady Kim Hye-kyung, the property has been in the couple’s name for an impressive 28 years. According to Industry News and Munhwa Ilbo, the apartment was purchased back in 1998 for 360 million KRW. Over the years, its value has soared, with current market prices for similar units ranging from 2.95 to 3.2 billion KRW, according to Naver Real Estate and recent transaction data. Yet, President Lee and his wife chose to list it at 2.9 billion KRW—deliberately undercutting the market.
The Blue House was quick to clarify the president’s intentions. Spokesperson Kang Yoo-jung stated, “Although President Lee was a single-homeowner for residential purposes, he wanted to show the public his determination to normalize the real estate market.” Kang further emphasized that the listing price was below both last year’s transaction prices and the current market rate. This, the spokesperson argued, was a direct signal of the administration’s policy direction—a move from asset holding to productive financial investment.
Speculation swirled almost immediately after the apartment appeared on real estate networks, especially when it vanished from the joint brokerage system within half an hour. Some wondered if a swift sale had already taken place. However, the Blue House promptly set the record straight. “It is true that President Lee listed his apartment for sale, but no sale or contract has been completed as of now,” the Blue House clarified in response to media queries, as reported by Eroun Net. The swift disappearance of the listing, it turned out, was simply a sign of the market’s intense interest.
But why would a sitting president take such a step? According to Blue House insiders, the decision was rooted in both personal conviction and policy strategy. One official explained, “The president believes that holding onto the property is now a financial disadvantage. He thinks investing the proceeds into ETFs or other financial products is more beneficial.” The same official added, “He’s mentioned that after his term, if the real estate market normalizes, it would be better to buy a new home at a lower price. Selling at the current peak and repurchasing after prices fall is simply more advantageous.”
It’s a striking message, especially in a country where real estate has long been seen as a surefire path to wealth. President Lee’s move is widely viewed as a warning shot to high-ranking officials and multi-homeowners. The administration has already signaled that it intends to make holding multiple properties less attractive. As Eroun Net noted, President Lee has repeatedly asserted, “We will create a situation where selling is more advantageous than holding.” The implication is clear: tougher tax and financial regulations could be on the horizon, aimed at cooling speculative demand and shifting household wealth away from property and into financial markets.
The president’s example appears to be having an effect within the government itself. Reports from the Blue House suggest that some senior officials have begun voluntarily disposing of their own properties, spurred by Lee’s high-profile decision. If this trend continues, it could build powerful momentum for the administration’s broader real estate stabilization goals. As one observer put it, “If the president’s leadership sparks a relay of property sales among top officials, it will be the clearest possible signal of the government’s resolve to stabilize the housing market.”
The government’s push doesn’t stop at policy announcements. The Blue House has made it clear that the preferred direction is to encourage households to diversify their assets, moving away from a heavy reliance on real estate. “Switching to financial investments like ETFs is more economically advantageous,” the administration has argued, challenging the long-held belief in the invincibility of property investment in South Korea. This is part of a larger effort to activate the capital markets and reduce the country’s vulnerability to housing bubbles—a persistent concern in recent decades.
There’s also a symbolic dimension to the president’s move. For many Koreans, homeownership is more than a financial matter; it’s a deeply rooted aspiration, often tied to family stability and social status. By listing his own primary residence, President Lee is attempting to reshape public perceptions and nudge the nation toward a new paradigm. The message is clear: the era of “real estate invincibility” may be coming to an end, replaced by a more diversified and sustainable approach to personal finance.
It’s worth noting that this isn’t the first time President Lee has tried to sell the Bundang apartment. Back in June 2022, during his campaign for the Incheon Gyeyang by-election, he attempted to list the property but was unable to secure a buyer due to then-prevailing market conditions, as recounted by Munhwa Ilbo. This time, however, the market’s response has been swift and intense—a testament to both the apartment’s desirability and the heightened scrutiny surrounding the president’s actions.
The apartment itself is situated in a highly sought-after redevelopment lead district, designated as part of the first new town initiative. This status adds a layer of complexity to its valuation and appeal. Currently, a tenant resides in the apartment, a detail confirmed by Industry News. Recent transactions in the complex have ranged between 2.8 billion and 2.9 billion KRW, aligning with the president’s listing price and reinforcing his commitment to transparency and market normalization.
As the nation digests this high-profile move, questions linger about its broader impact. Will other top officials follow suit? Can the government’s push to shift household assets from real estate to financial products gain traction in a society so deeply invested in property? And perhaps most critically, will these symbolic and practical measures be enough to cool a market that has resisted previous attempts at reform?
For now, one thing is clear: President Lee Jae-myung’s decision to list his Bundang apartment below market price has sent a powerful message to both the public and the political establishment. Whether this act of leadership will translate into lasting change remains to be seen, but it has certainly set the tone for the next phase of South Korea’s real estate debate.