Lee Jae-myung’s Apartment Sale: Buyer Emerges for Presidential Residence

Lee Jae-myung’s Bundang Apartment Draws Buyer, Potential Sale Looms

A potential buyer has emerged for the apartment in Bundang-gu, Seongnam City, Gyeonggi Province, co-owned by South Korean President Lee Jae-myung and his wife, Kim Hye-kyung. The news comes as the President seeks to demonstrate his commitment to stabilizing the nation’s real estate market.

Hong Ik-pyo, the President’s Chief of Political Affairs, confirmed in a March 3, 2026, interview with MBC radio’s “Kim Jong-bae’s Perspective Focus” that a prospective buyer had made an offer. According to Hong, a formal contract wasn’t yet in place when the President was traveling abroad, but a buyer indicated a willingness to purchase the property at the listed price, prompting the listing to be temporarily removed from the market. Hong clarified that the apartment hasn’t been officially sold.

The asking price for the apartment is 2.9 billion won, which is lower than recent comparable sales in the area (ranging from 3.1 to 3.2 billion won). Hong Ik-pyo explained that the price was set slightly below the highest price achieved for a similar unit in the complex a year prior, taking into account the floor level. The President’s apartment is located on the 24th floor, a desirable feature.

President Lee’s Rationale for the Sale

The Presidential Office announced on February 27th that President Lee was listing the apartment for sale at a price below market value. This move was interpreted as a demonstration of his resolve to address the country’s housing issues. President Lee himself addressed the decision on X (formerly Twitter), stating that as the person primarily responsible for real estate policy, he felt it was more appropriate to set an example as a public official than to allow the issue to become a political attack point. He reportedly believes that investing the proceeds from the sale into financial assets, such as Exchange Traded Funds (ETFs), would be more advantageous.

President Lee purchased the apartment in Bundang-gu during the 1998 IMF crisis and has lived there for over two decades, raising his children in the home. He has described the apartment as having a deep personal connection, referring to it as an “affectionate doll” filled with memories.

Political Reactions and Context

Kim Nam-guk, a spokesperson for the Democratic Party, highlighted the President’s commitment to resolving the real estate issue. Speaking on YTN radio’s “Kim Young-soo’s The Interview,” Kim emphasized that President Lee, as a single-homeowner, wasn’t obligated to sell, but chose to do so as a demonstration of his policy determination and to build trust in his approach to the housing market.

The President’s decision to sell his apartment comes amid ongoing scrutiny of real estate policies in South Korea. As reported by iMBC, President Lee has long been interested in Singapore’s real estate policies, even during his time as mayor of Seongnam City, and expressed a desire to learn from their approach during a recent state visit. According to the Kyunghyang Shinmun, President Lee noted the similarities between South Korea and Singapore – both densely populated nations with limited land – but was struck by Singapore’s success in achieving economic growth without experiencing significant housing problems. Media Today too reported on the President’s comments regarding the need to address real estate speculation in South Korea, a “chronic problem” he had previously discussed on his social media account.

The situation underscores the sensitivity surrounding real estate in South Korea, where housing costs and speculation have long been major concerns for citizens. President Lee’s actions are being closely watched as a signal of his administration’s commitment to tackling these challenges.