South Korean President sells his home, left without personal property

South Korea President Lee Jae-myung announced that he has sold his only apartment and currently does not own any personal residential property. He emphasized that he made this decision to strengthen confidence in the housing policy being implemented by the government.

It is reported that the president put the 164-square-meter apartment, where he had lived since 1998, up for sale in February of this year. The property found a buyer for 2.9 billion won (approximately 1.9 million US dollars).

According to Lee Jae-myung, this step serves to practically support reforms aimed at regulating the real estate market and to increase public trust in government policy.

Currently, the South Korean government is consistently continuing reforms aimed at improving housing supply, increasing the number of new residences, and reducing the number of apartments kept vacant for investment purposes.