Five Years of Moon Administration... Over Half of Seoul Apartments Exceed '900 Million Won'

Even Ultra-Luxury Apartments Expanded by 22.4%

[Image source=Yonhap News]

[Asia Economy Reporter Jin-ho Kim] More than half of the apartments in Seoul have been classified as 'high-priced housing' with market prices exceeding 900 million KRW during the five years since the Moon Jae-in administration took office.

On the 17th, Kim Sang-hoon, a member of the People Power Party on the National Assembly Land, Infrastructure and Transport Committee, analyzed the Seoul apartment sales price status from the Korea Real Estate Board. According to the analysis, as of June this year, the proportion of apartments priced over 900 million KRW was 56.8%.

This is an increase of more than 40 percentage points compared to June 2017, when the Moon Jae-in administration began, when high-priced housing over 900 million KRW accounted for only 15.7%. The proportion of ultra-high-priced apartments exceeding 1.5 billion KRW also expanded from 3.9% to 22.4% during the same period.

Furthermore, while there were 17 autonomous districts with less than 10% of apartments priced over 900 million KRW as of June 2017, this year only Jungnang-gu remained. In particular, in Gangdong-gu, apartments priced over 900 million KRW accounted for only 0.3% in June 2017 but surged to 79.5% this year.

Representative Kim pointed out, "At the time the Moon Jae-in administration took office, it was possible to own a home in Seoul through loans for ordinary citizens," adding, "Due to the current government's real estate mismanagement, the lives of the people have only become more difficult."