Yonhap News Agency reported that South Korean President Lee Jae-myung has sold his only apartment and admitted that he "no longer has a home".
The agency reported that the president put his only apartment in Seongnam, near Seoul, up for sale in February to boost public confidence in his efforts to stabilize the real estate market.
South Korean authorities are currently adopting a policy that encourages non-resident homeowners to sell their properties rather than keeping them for future investment and speculation.
This aims to increase the supply of housing and eliminate the problem of vacant apartments, which are considered property, and which negatively affect real estate prices in South Korea.
Yonhap news agency quoted Lee Jae-myung as saying during a cabinet meeting to discuss housing policy: "I no longer have a home."
He jointly owned the apartment with his wife, First Lady Kim Hye-kyung.
Reports indicate that a preliminary sale agreement has been signed, with the final agreement to be signed in the coming days.
According to the Chosun Ilbo newspaper, the apartment sold by the president is 164 square meters in size and has been his property since 1998. Lee Jae-myung had put it up for sale in February at a price of 2.9 billion won (about 1.9 million US dollars), which is the price at which it was sold.
The president and his wife currently reside at the official presidential residence in the Hanam-dong district of Seoul.
