President of the Republic of Korea Lee Jae Myung sold his only apartment and admitted that he “now has no home,” Yonhap News Agency reports.

According to the agency, the president put his only apartment in the city of Seongnam, located near Seoul, up for sale in February in order to increase public trust in the measures he is implementing to stabilize the real estate market.

At present, the South Korean authorities are pursuing a policy that encourages homeowners who do not live in their properties to sell them sooner rather than keep them for further investment and speculation. In this way, the government plans to expand the housing supply and eliminate the problem of vacant apartments held as assets, which negatively affects pricing in the South Korean real estate market.

“I now have no home,” Yonhap quoted Lee Jae Myung as saying during a Cabinet meeting on housing policy.

It is noted that he owned the apartment jointly with his wife, First Lady Kim Hye Kyung. It is уточняется that a preliminary sales agreement has already been concluded, and the main contract will be signed in the coming days.

According to the Chosun Ilbo newspaper, the apartment sold by the president has an area of 164 square meters and had been in his ownership since 1998. As noted, in February Lee Jae Myung put it up for sale at a price of 2.9 billion won (about 1.9 million U.S. dollars), and it was sold at exactly that price.

The head of state himself and his wife are currently living in the official presidential residence in the Hannam-dong district of Seoul.