The South Korean government is preparing to impose additional taxes on ultra-expensive homes, and Lee Jae-myung first sold his only residence for a high price.

The policy is still being drafted, and the president is already ready to step down from the homeowners’ group.
In 1998, Lee Jae-myung and his wife spent 360 million won to buy a 164-square-meter apartment in Bundang, Gyeonggi Province. They lived there for nearly 30 years, until moving into the presidential residence.
This February, Lee Jae-myung listed the property for sale, pricing it at 2.9 billion won—nearly 10% lower than surrounding listings of 3.1 billion to 3.2 billion won for comparable units. Because land transaction procedures take a long time, the contract has been delayed until now. The buyer has already been confirmed, and a formal signing is expected soon.
Cheong Wa Dae said that Lee Jae-myung selling his only home is meant to set an example personally for the property market control policies. The South Korean government has already tightened mortgage lending, increased the costs of holding multiple homes, and is also considering adding taxes on ultra-expensive residences.
Of course, this deal isn’t a loss.
Bought for 360 million won, sold for 2.9 billion won, lived there for 27 years, and it rose 8-fold.
What’s interesting is that people in South Korea are doing the opposite. In the first four months of this year, homebuyers sold about 3.7 trillion won worth of stocks and bonds to buy homes, with 65% of the money going into Seoul. People around 30 years old are the biggest force. The KOSPI is up more than 100% this year, SK hynix is up 250%. After making money in the stock market, their first reaction is to move into homes and lock it in.
Meanwhile, the ETF held by Lee Jae-myung himself has also generated gains as the Korean stock market rises. Officials at the presidential office previously also said they believe that after selling a house, investing in ETFs and other financial products may be more worthwhile.
The president sells a house to buy stocks, while ordinary people sell stocks to buy homes. And with recent volatility in Korean stocks, who ultimately “locks in profits” for sure?