President Lee Jae Myung's Apartment Sold for 2.9 Billion Won
Quick Look
- President Lee Jae Myung and first lady Kim Hea Kyung sold their Seongnam apartment for 2.9 billion won (US$1.96 million) in July, five months after listing it.
- The sale, confirmed by Cheong Wa Dae, demonstrates Lee's commitment to his administration's real estate normalization policy aimed at curbing runaway home prices.
AI-generated summary
Why It Matters
President Lee Jae Myung and first lady Kim Hea Kyung sold their only home in Seongnam as part of the administration's effort to curb runaway home prices.
SEOUL, July 20 (Yonhap) -- The apartment owned by President Lee Jae Myung and first lady Kim Hea Kyung was sold for 2.9 billion won (US$1.96 million), five months after it was put on the market, official records showed Monday.
Lee and Kim had put their only home in Seongnam, just south of Seoul, up for sale in February as part of the administration's effort to curb runaway home prices.
The ownership transfer was dated last Thursday, according to a certified copy of the real estate register.
The buyers registered a mortgage with a maximum secured amount of 1.78 billion won in favor of the president and his wife, meaning Lee effectively loaned the amount to the buyers until they pay the balance, which they have reportedly committed to doing around October.
Cheong Wa Dae confirmed the sale of the property.
"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.
What to Watch
AI outlook — possibilities, not facts
Buyers will pay the balance of the loan around October.
Likely · Within months
Open Questions
- What is the broader impact of the real estate normalization policy?
- How will the buyers pay the balance in October?
