President Lee Becomes a Non-Homeowner, Sells Bundang Apartment With Mortgage for 2.9 Billion Won... Mortgage to Be Cleared in October

Ownership Transfer Completed Five Months After Contract
Mortgage of 1.77 Billion Won Will Be Lifted After Final Payment
Mutual Agreement Reached to Retain Buyer's Status as Reconstruction Association Member
Office of the President: "A Measure Demonstrating Commitment to Real Estate Normalization Policy"

President Lee Jae-myung, together with First Lady Kim Hye-kyung, has sold their jointly owned apartment in Bundang-gu, Seongnam-si, Gyeonggi Province for 2.9 billion won and completed the ownership transfer registration. As a result, President Lee has disposed of the only home he held for 28 years and is now without a home. However, attention is focused on the background of the transaction, as it has been confirmed that President Lee established a mortgage right in the amount of 1.77 billion won during the sale process.

President Lee Jae-myung and First Lady Kim Hye-kyung are applauding after the cultural performance at the opening ceremony of the 48th UNESCO World Heritage Committee held in Busan on the 19th. From left: Heo Min, Director of the National Heritage Administration; First Lady Kim Hye-kyung; President Lee Jae-myung; Khaled El Enany, UNESCO Director-General; and Lee Byung-hyun, Chair of the 48th World Heritage Committee. July 19, 2026. Photo by Yonhap News.

An official from the Office of the President said on the 20th regarding the recent sale of President Lee's Bundang apartment, "President Lee recently completed the sale of his residence, and the sale was made at 2.9 billion won, which is below the market price," adding, "Although he was not obligated to sell as a single-homeowner, this is a measure to demonstrate his determination to implement real estate normalization policies."

According to the Supreme Court’s certified copy of the real estate register, President Lee and his wife sold Kumho Apartment, Yangji Village Complex 1 (exclusive area: 164.25 square meters) in Sunae-dong, Bundang, Seongnam-si, Gyeonggi Province, for 2.9 billion won to two buyers, Kim (55) and Cho (54). The contract date was the 14th and the transfer registration was completed on the 16th. The couple purchased the apartment for approximately 360 million won in 1998 and owned it for about 28 years. In 2018, President Lee transferred half of his share to the First Lady, making it jointly owned.

President Lee put the apartment on the market on February 27 at 2.9 billion won, which was lower than the prevailing asking prices of 3.1–3.2 billion won at the time. On X (formerly Twitter), President Lee stated, "After living in rented houses, this was the first and last home I bought during the Asian financial crisis. It’s a house I am much more attached to than its monetary value, as it’s where I raised my children and spent my younger years." He explained the reason for selling, saying, "As the top official responsible for real estate policy, I wanted to fulfill my responsibility as a public servant and set an example for all, rather than leave myself open to political attacks related to housing issues." The Office of the President also said that, while it was his only home for residence purposes, the decision was made to directly demonstrate his commitment to normalizing the real estate market to the public.

Although a buyer appeared immediately after the apartment was listed, it reportedly took time to conclude the main contract due to land transaction permissions and procedures related to the existing tenant. The buyer turned out to be the same individual who made the initial contract. An official from the Office of the President stated, "You may view President Lee’s sale as a move to demonstrate his determination to push forward with policy at the earliest possible opportunity."

However, during the final contract, President Lee and First Lady Kim established a mortgage right of 1.77 billion won in favor of themselves against the buyers, Kim and Cho. This mortgage was set between private parties, making President Lee and his wife the mortgagees—not a financial institution. The buyers agreed to pay part of the sale price at a later date, and the mortgage was established as collateral for this bond. The buyers plan to pay the balance and remove the mortgage after disposing of their current residence in October.

There also appears to have been mutual agreement allowing the buyer to maintain their status as a reconstruction association member. The area is set to be designated for reconstruction by the end of this month, and if ownership is transferred after such designation, the buyer would not be eligible to succeed association membership. Regarding the background for establishing the mortgage, an official from the Office of the President simply replied, "The registration details are due to the buyer’s circumstances."

Meanwhile, news of the sale first became public when President Lee stated, "I no longer have a house," during a Cabinet meeting on the 14th while discussing policy with attendees. At that time, the transfer of ownership had not yet been completed, but with registration finalized on the 16th, President Lee and the First Lady are now legally without a home. Nevertheless, as the existence of the substantial mortgage right has only now come to light, continued attention is expected on the specifics of the 'buyer’s circumstances' disclosed by the Office of the President and on when the mortgage will be lifted.

This content was produced with the assistance of AI translation services.