Housing Prices in Seoul Double in the Past Four Years
This is good news if you are a property owner in Seoul, but not good news for anyone trying to find a place to live:
The average sales price of apartments in Seoul has nearly doubled under the Moon Jae-in government, a civic group said Wednesday.
The Citizens’ Coalition for Economic Justice announced the results of its study that has tracked the prices of 115,000 units in 75 apartment complexes since President Moon took office four years ago.
The average price of a 99-square-meter apartment in Seoul rose to 1.19 billion won (US$1.04 million) from 620 million won from May 2017 to May 2021.
The rise in apartment prices was found to be 192 times the rise in net income, which grew by an average of 2.98 million won during the same period.
Yonhap
You can read more at the link, but a 99 square foot apartment is about 1,065 square feet that people in Seoul have to pay over $1 million dollars to afford. It is understandable why people in Seoul are upset about the high cost of housing.
