President Lee Jae Myung disputes report on Gangnam remarks, calling it fake news

President Lee Jae Myung on Nov. 4 rebutted on X (the short-form social media platform) a report that introduced his real estate-related remarks under the headline "President said housing prices are 'plunging' — only true in Gangnam," calling it "fake news."

President Lee pointed out that "saying 'actual transaction prices in major areas are falling remarkably' cannot be the same as 'plunging,' and even if the meaning were the same, it should not be presented as a direct quotation with double quotation marks." He went on to dispute the "only true in Gangnam" headline as inaccurate as well, saying, "My original remarks referred only to major areas of Seoul — Gangnam, Seocho and Songpa — and I never said that housing prices across all of Seoul were plunging."

He closed his post with a plea: "Please take a good look at the objective data — the surge in listings across Seoul, the sharp drop in transactions, the prolonged steep decline in housing prices in key Seoul areas such as Gangnam, and the rising delinquency rates and auction filings."