South Korean President Lee Jae-myung and his wife, Kim Hye-kyung, sold an apartment in Bundang for 29 billion KRW [1].
The transaction is significant as it changes the residential status of the head of state. By selling the property, which Lee had owned since before his entry into politics, he has officially become a non-homeowner [2].
The property was located in Bundang-Yangji-maeul, within Seongnam-si, Gyeonggi-do [2]. According to reports, the contract for the sale was signed on the 14th, and the official transfer of ownership was registered on the 16th [1].
Financial records indicate that a mortgage, or collateral right, was established against the buyer in the amount of 17.7 billion KRW [2]. This mortgage was set to secure the financing required by the buyer to complete the purchase of the high-value asset [2].
Lee previously addressed his housing status in a public setting. "Does this place (Prime Minister Han Seong-sook's house) exceed 2 billion? I don't have a house. Not anymore," Lee said [1].
The sale of the Seongnam-area property removes a long-held personal asset from the president's portfolio. The timing of the transfer and the specific mortgage terms have drawn attention to the financial mechanics of the deal, specifically the 17.7 billion KRW [2] lien placed on the property to facilitate the buyer's acquisition.
“I don't have a house. Not anymore.”
The transition of the South Korean president to non-homeowner status may be intended to align his personal financial profile with public expectations of leadership. However, the scale of the transaction and the significant mortgage placed on the buyer highlight the extreme valuation of real estate in the Gyeonggi-do region and the complex financing often required for such high-value transfers.
