On February 27, 2026, President Lee Jae-myung and his wife Kim Hye-kyung made headlines across South Korea by officially putting their jointly owned apartment in Sunae-dong, Bundang-gu, Seongnam, on the market. The move, announced by the Blue House and widely reported by outlets such as 포쓰저널, 조선일보, 중앙일보, and 경향신문, is being interpreted as a dramatic gesture to demonstrate the administration’s commitment to real estate market normalization—an issue that has been a political flashpoint for months.
The apartment in question is a spacious 164㎡ (59 pyeong) mid-large unit in the Kumho 1st Complex, Yangji Village, a neighborhood that has garnered attention as a designated reconstruction lead district. The property, purchased by President Lee and his wife in 1998 for 366 million KRW, has been their sole residential holding for nearly three decades. For much of his presidency, Lee maintained that this apartment would serve as his residence after retirement, describing it as his “one home for real living.” But with mounting political controversy and questions over the fairness of holding a property expected to benefit from redevelopment, the President reversed his stance.
According to the Blue House spokesperson Kang Yoo-jung, "President Lee has listed the Bundang apartment for sale today. Although he was a single-home owner for residential purposes, this action is meant to show the public his commitment to real estate market normalization." The apartment was listed at 2.9 billion KRW, a price notably lower than the 3.1 to 3.2 billion KRW currently asked for similar units in the same complex. This discount, as Kang explained, was intentional: "The apartment was put on the market at a price lower than last year’s transaction and the current market value."
The apartment is currently occupied by a tenant, which added a layer of complexity to the sale. However, with the tenant’s consent, the listing went forward. According to 중앙일보, the lease was originally set to expire in October 2026, but an agreement was reached to move the end date up to April 2026, smoothing the way for the new buyer.
The decision to sell was not made lightly. As reported by 경향신문, Lee had, until earlier this month, insisted that the apartment was his intended home post-retirement and had no plans to sell. However, the political winds shifted as the government signaled tougher tax and loan regulations for owners of non-primary residences, especially in areas slated for lucrative reconstruction. The opposition was quick to pounce, accusing the President of hypocrisy—telling ordinary citizens to beware of windfall gains while holding onto a property with high redevelopment potential himself.
In response to this criticism, Lee clarified his position on social media, stating, "I am a one-home owner. I’m not living there now because of work, but it’s my home to return to after retirement. The presidential residence is not my private property, so please don’t treat me as a multi-home owner." Yet, as political pressure and public scrutiny mounted, Lee’s calculus changed.
According to Blue House officials, the President’s decision was also informed by his belief that the real estate market may have reached its peak. "He thought holding onto the property would be a financial disadvantage," one official told 포쓰저널. "Selling now at what may be the price peak and investing in ETFs or other financial products is seen as more advantageous." This sentiment was echoed by multiple sources, with the President reportedly telling associates that investing in financial assets could be more efficient than holding onto real estate, especially as the market faces potential corrections.
Market watchers have noted that the Kumho 1st Complex is not just any apartment block. Designated as a lead district for the first-generation new town reconstruction, the area is set for major redevelopment, with plans to expand from 4,392 to 6,839 households and raise building heights to 37 floors by 2035. Relocation is expected to begin in 2028. This has fueled speculative fervor and rising prices in the neighborhood, making Lee’s decision to sell at this juncture particularly symbolic.
The sale process itself moved swiftly. As reported by 조선일보 and 중앙일보, a buyer appeared almost immediately after the listing, and a contract was signed the same day as the Blue House announcement. Interestingly, the transaction was completed without the buyer physically inspecting the property—a so-called “pre-contract” deal that reflects the high demand and anticipation surrounding redevelopment zones.
For President Lee, the move is more than just a personal financial decision; it’s a political statement. By selling the apartment at a below-market price, he aims to set an example for public officials and reinforce the administration’s message that real estate speculation should not be rewarded. As one Blue House official put it, "This is a symbolic gesture to support real estate market normalization." The hope, according to experts cited in 포쓰저널, is that such actions by high-ranking officials can help temper speculative sentiment and restore trust in government policy.
Not everyone is convinced, however. Critics argue that the President’s change of heart only came after public pressure became too great to ignore. Others question whether the sale will have any real impact on the broader market or if it is merely a symbolic gesture. As one real estate agent told 조선일보, "He’s not selling at a loss, but it’s not a windfall either." There is also skepticism about whether Lee’s plan to reinvest in financial products like ETFs truly aligns with the realities faced by ordinary homeowners, many of whom lack such options.
Yet, the President’s move has undeniably shifted the conversation. By choosing to divest from a property that stands to benefit from government-led redevelopment, Lee is attempting to draw a clear line between personal interest and public duty. The administration’s message is that real estate should be treated as a place to live, not a vehicle for speculation—a stance that resonates with many South Koreans weary of runaway housing prices and widening wealth gaps.
Looking to the future, Lee has indicated that he may consider repurchasing a home after the real estate market stabilizes and his presidential term ends. For now, though, he is betting on financial markets over bricks and mortar, hoping that his example will help cool the overheated property sector and bolster confidence in government reforms.
Whether this bold move will have a lasting effect on the market or political discourse remains to be seen. But for now, President Lee’s sale stands as a rare instance of a sitting leader putting policy principles—and public perception—above personal gain.