Photo: Lee Jae-myung's condominium complex in Seongnam, Gyeonggi-do Province. Credit: Naver Real Estate.
Facing the Lee Jae-myung 이재명 administration’s relentless attacks on owners of multiple homes, People Power Party chairman Jang Dong-hyeok 장동혁 국민의힘 당대표 - who owns six houses - retorted that he would sell his houses if the president sold his. On February 27, Lee called Jang’s bluff.
Lee listed his condominium in Seongnam, Gyeonggi-do Province 경기도 성남 for KRW 2.9b (USD 2.0m). The 164 square meter (1,765 square feet) condo, which Lee has owned since 1998, was snapped up immediately, as its asking price was approximately KRW 300k lower than the market price.
Blue House spokeswoman Kang Yu-jeong 강유정 청와대 대변인 said the president “wanted to show how serious he is about normalizing the real estate market,” although the condo was Lee’s only house and was not purchased for investment purposes. In response, Jang offered to sell one of his six houses - an efficiency unit in Yeouido, Seoul 서울 여의도, near the National Assembly 국회 - claiming that he is living in two of the houses, and his parents and in-laws were living in the other three.
Real estate, an issue that has been a graveyard for every liberal South Korean president, has become an implausible source of strength for Lee. (See previous coverage, “Lee May be Winning on Real Estate.”) In this week’s Gallup Korea 한국 갤럽 poll, Lee’s approval rating remained strong at 64%, with “real estate” (17%) as the leading reason for support along with “economy and pocketbook issues.”
