President of South Korea to sell his only apartment

President of the Republic of Korea Lee Jae-myung will sell his only apartment as a sign of support for the government's campaign aimed at stabilizing the real estate market.

The news was reported by the Yonhap news agency.

“I no longer have a home,” the president stated the day before at a cabinet meeting. According to sources, a preliminary agreement has been signed, and the deal will be closed soon.

In February, Lee Jae-myung put up for sale an apartment in the prestigious district of Seongnam, located 20 km south of the capital. Earlier, the politician stated plans to revise tax and financial policies as part of the fight against speculation in the real estate market and the rapid rise in housing prices.