Oh Se-hoon Tells President Lee Over Apartment Mortgage Sale, "Citizens Have Their Reasons, Too"

Seoul Mayor Oh Se-hoon has claimed that President Lee Jae-myung setting a collateral mortgage to accommodate the buyer's circumstances when selling his apartment in Bundang-gu, Seongnam, Gyeonggi Province, is evidence of a failure in real estate regulations.

Mayor Oh posted an article on Instagram today (July 22) regarding President Lee's sale of his Bundang home, along with a piece titled, "Ten million Seoul citizens also have ten million different reasons."

In the post, Mayor Oh wrote, "I have no intention of criticizing the president's transaction. Perhaps I should even be grateful," adding, "Because the president has personally proven how abnormal the current real estate regulations have made the market."

He continued, "A market where even the president had to ponder such methods just to sell a single house—where else could there be clearer evidence of regulatory failure?" and added, "The flexibility that the president needed is desperately needed by the public to an even greater degree."

Mayor Oh also pointed out, "However, there is one difference between the president and the public. The president had a way, whereas homeless real estate buyers bound by a 200 million won loan limit have no way out."

Furthermore, mentioning the real estate policy debate to be hosted by President Lee tomorrow (July 23), Mayor Oh emphasized, "I hope you will check what voices the public has poured out the most ahead of this debate. It is a desperate plea to fix uniform loan regulations that are choking off their breathing room."

Mayor Oh added, "If you remember the frustration you must have felt during this transaction, you will be able to provide an answer at that meeting tomorrow."

President Lee sold the Bundang-gu apartment, which he jointly owned with First Lady Kim Hye-kyung, for 2.9 billion won, and the buyers set a collateral mortgage of 1.777 billion won in favor of President Lee and his wife.

In response, the Cheong Wa Dae explained, "The details on the registry are due to the buyer's circumstances."

(Photo: Yonhap News)
※ Please note: This article was translated by AI and may contain errors.