Lee lists Bundang apartment below market price

Feb. 27 (Asia Today) -- President Lee Jae-myung has put his Bundang apartment up for sale at a price below market value, the presidential office said Thursday, describing the move as a demonstration of his commitment to stabilizing the real estate market.

Presidential spokesperson Kang Yu-jeong said Lee listed the apartment in Bundang, Seongnam, jointly owned with first lady Kim Hye-kyung, earlier in the day.

Although Lee was a single-home owner using the property for residential purposes, the decision is intended to "personally demonstrate to the public his determination to normalize the real estate market," Kang said. The apartment was listed below both last year's transaction price and current market estimates, she added.

A presidential official said Lee had long signaled his intention to sell the property and obtained consent from the tenant before listing it.

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The apartment, a 164-square-meter unit in the Yangji Village Geumho 1 complex, was reportedly listed at 2.9 billion won ($2.17 million). Similar units are currently on the market for between 3.1 billion won and 3.2 billion won ($2.32 million-$2.39 million).

The official said Lee believes that selling the home and investing the proceeds in exchange-traded funds or other financial instruments would be "more economically advantageous" than holding the property.

"If the real estate market stabilizes in the future, it may be better to sell now and purchase a residence to use after leaving office," the official said.

The opposition People Power Party had criticized Lee for promoting real estate market normalization while retaining the Bundang property, which some expect could benefit from redevelopment.

Party leader Jang Dong-hyuk recently pressured Lee to sell the apartment, saying he would dispose of his own multiple properties if the president did so.

Earlier, several presidential aides, including the spokesperson and press secretary Kim Sang-ho, also listed non-occupied homes for sale in line with the administration's housing policy stance.

-- Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260227010008404