President Lee Calls Media Reports on Housing Prices 'Fake News'

Lee Jae-myung, the President of South Korea, labeled media reports regarding his comments on real estate as 'fake news' on November 4, demanding corrections to the article's headline. This followed his initial criticism of the headline earlier in the day, after which the outlet revised it.

In a post on X (formerly Twitter) that afternoon, President Lee stated, "This is the second instance of fake news." He questioned the article's implication that his statement, 'Housing prices have fallen,' was inaccurate, noting that the article suggested, 'Seoul has seen 90 consecutive weeks of price increases.'

He clarified, "What I actually said was not that 'housing prices are generally falling,' but rather that 'housing prices in key areas of Seoul are falling, not in some areas.'" He emphasized that his statement was not misleading.

President Lee acknowledged that while it is true that housing prices in Seoul have been rising for an extended period, the rate of increase has weakened to about 0.09% per week. He pointed out that prices in the three districts of Gangnam, which have historically led the rise in housing prices in South Korea, have significantly declined over several weeks.

He added, "With rising benchmark interest rates, an increase in listings, and a decrease in transaction volumes, signs of a downturn are becoming more pronounced. It is incorrect to quote me as saying 'housing prices have fallen' without context, as this refers only to some key areas. I request a correction."

Previously, the outlet had titled the article, 'President's Statement: Housing Prices Are Plummeting, Only Gangnam Is Correct... Seoul Has Seen 90 Consecutive Weeks of Increases.' After President Lee criticized it as 'fake news,' the title was changed to, 'Is the President's Statement That Housing Prices Have Fallen True? Seoul Has Seen 90 Consecutive Weeks of Increases.'

In his first post, President Lee argued that the phrases 'actual transaction prices in key areas are falling dramatically' and 'plummeting' cannot be equated, asserting, 'I have never said that housing prices in all of Seoul are plummeting,' thus disputing the characterization that 'only Gangnam is correct.'

Following President Lee's second critique, the article's title was revised again to, 'Is the President's Statement That Housing Prices in Key Areas of Seoul Have Fallen True?'

The day before, during a Cabinet meeting, President Lee remarked, 'The number of apartment listings in Seoul is rapidly increasing while transaction volumes are decreasing significantly. The actual transaction prices in key areas are falling dramatically, although this is not the case in all areas.'