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President Lee Jae Myung and his wife have sold their only apartment in Seongnam, just south of Seoul, for 2.9 billion won (US$1.96 million), five months after it was first put on the market, official records showed.
The ownership transfer, dated last Thursday, came two days after the contract was signed on July 14, according to a certified copy of the real estate register cited by Yonhap News. The property — the couple's only home, located in Seongnam's affluent Bundang district — was listed for sale in February as part of the administration's effort to curb runaway home prices.
Cheong Wa Dae confirmed the sale. "As the owner of a single home, (Lee) is under no obligation to sell, but took the measure to demonstrate his commitment to realizing his real estate normalization policy," the presidential office said.
Coverage Comparison
Coverage of the transaction has centered on an unusual feature: ownership was transferred before the full purchase price had been paid, with the president effectively financing the buyers. The buyers registered a mortgage with a maximum secured amount of about 1.77–1.78 billion won in favor of Lee and his wife, meaning the president loaned the amount until the balance is paid, which the buyers have reportedly committed to doing around October.
Typically, buyers who lack sufficient funds obtain mortgage loans from financial institutions. However, with the government having sharply tightened mortgage lending to curb housing prices, questions have been raised over whether Lee himself lent the buyer the funds needed to cover the shortfall. One Yonhap report described the transaction as "unusual," noting that private financing of this kind is highly unusual because real estate buyers and sellers generally do not know each other, and is feasible only if the seller already lives elsewhere — as Lee did at Cheong Wa Dae — or is a wealthy individual with ample cash reserves.
The same report acknowledged that while the sale method was not illegal, it raised concerns that the country's top policymaker was party to a transaction that bypassed the government's tightly woven web of real estate regulations. A separate Yonhap report adopted a neutral tone, simply recording the sale details and the official confirmation from the presidential office.
Earlier reporting, before the sale was finalized, quoted sources at Cheong Wa Dae as saying the final contract was expected to be signed soon, following a preliminary contract signed shortly after the apartment was put on the market. During a Cabinet meeting on July 14, Lee said, "I no longer have a home."
Key Claims
- President Lee and his wife sold their Seongnam apartment for 2.9 billion won, according to official records reported by Yonhap News.
- The apartment was put up for sale in February.
- Ownership was transferred on July 16, two days after the contract was signed on July 14, per the real estate register cited by Yonhap.
- The buyer registered a mortgage with a maximum secured amount of roughly 1.77–1.78 billion won in favor of the president and his wife.
- The remaining balance is scheduled to be paid around October, according to reports.
- Lee stated during a Cabinet meeting that he "no longer has a home."