Seoul's average apartment price jumps twofold under Moon government: civic group

Asia's Tech News Daily

Seoul's average apartment price jumps twofold under Moon government: civic group

This Nov. 15 file photo shows a bird’s eye view of an array of apartment compounds in Seoul. Yonhap

The average price of Seoul apartments has soared more than twofold in about five years under the current Moon Jae-in administration, according to a civic group analysis Wednesday.

According to the analysis by the Citizens’ Coalition for Economic Justice (CCEJ), an apartment in Seoul fetched 43.09 million won ($36,590) per pyeong, or 3.3 square meters, on average as of November, up 109 percent compared to May 2017 when Moon was sworn into office.

The average price of 99.1-square-meter apartments in the capital also jumped from 620 million won in May 2017 to 1.29 billion won in November. CCEJ said it analyzed price changes of 117,000 units in a total of 75 sampled apartment compounds across Seoul.

According to the group, the time it takes for the average Seoul worker to buy an apartment by income savings also increased from 20 years to 38 years.

The presented data is the latest evidence of the Moon administration’s failure to bring down runaway housing prices despite repeated pledges to do so.

The Moon government has implemented a string of anti-speculation measures, including steep hikes in real estate taxes, to rein in house prices in Seoul and other major cities, but surging apartment prices have been a major source of detriment to Moon’s approval ratings. (Yonhap)

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

(LEAD) S. Korean economy faces complicated downside risks: finance minister

(ATTN: UPDATES with more details in paras 7-12) SEOUL, Jan. 20 (Yonhap) — The South Korean economy faces uncertainty as the upsurge in COVID-19 cases, external risks and fiscal situations ... Read more »

OECD leading index for S. Korea drops for 5th month in Dec.

SEJONG, Jan. 20 (Yonhap) — A leading economic index for South Korea fell for the fifth consecutive month in December, pointing to a slowdown in Asia’s No. 4 economy down ... Read more »

ASIC chairman warns investors ‘don't put all your money into crypto' as markets gyrate

Australians are “too exposed” to cryptocurrencies – according to the boss of the nation’s securities watchdog – with investors warned against going too long on assets such as bitcoin and ... Read more »

Nike, Rolex, Hermès post highest resale value gains in 2021

Prices for Nike goods saw a 32 percent jump overall, doubling the increase of the next closest brand. Brands like Nike, Rolex, Bottega Veneta, Chrome Hearts, and Hermès were the ... Read more »

EU depends on Russia in oil and gas sphere — Macron

The president of France said that Europe set the goal of achieving net-zero by 2050 Read more »

Talks with potential investors in offshore zone on Kuril Islands started, says ministry

The ministry expects both Russian and foreign businessmen to be interested in the new tax treatment Read more »

Moldova's government will help Moldovagaz to settle accounts with Gazprom — PM

Moldovagaz and Gazprom renewed the gas supply contract for five years last October Read more »

Urals oil overtakes Brent soaring past $88 per barrel in Europe, says Argus

The Urals price last crossed the $88 per barrel mark in Europe in October 2014 Read more »

Hainan consumption sector sees 26.5% rise in 2021, with 25.5% hike in tourist arrivals

The island was visited by 81 million tourists over this period Read more »

Kremlin says economics, not politics, involved in Gazprom gas supplies to Moldova

Dmitry Peskov highlighted the fact that this issue should be addressed primarily to Gazprom, and not to the Kremlin Read more »

Moldovan government approves state of emergency due to gas crisis — PM

The decision should be approved by Moldovan parliament Read more »

Hainan Customs speeds up import procedures by 10.6 hours in 2021

It took 66% less time to review documents and issue permits by the end of the year Read more »

Helsinki Shipyard Oy to build new icebreaker for Norilsk Nickel

The icebreaker will operate in the Yenisei River basin, the Yenisei Bay and the Kara Sea Read more »

Delaying Nord Stream 2 hurts Europe's economic development, warns Kremlin

The construction of Nord Stream 2 was fully completed on September 10, 2021 Read more »

Turkey announces launch of air service with Armenia starting February 2

On January 10, the Armenian Civil Aviation Committee gave its okay to operating the Yerevan-Istanbul-Yerevan route Read more »

Moldova offers paying January debt to Gazprom in stages, says Deputy PM Spinu

The actual risk of gas supplies being cut off exists, he also noted Read more »

POSCO, Samsung C&T ink deal with Saudi fund to produce green hydrogen

SEOUL, Jan. 19 (Yonhap) — South Korea’s top steel maker POSCO and construction company Samsung C&T Corp said Wednesday they signed an agreement with Saudi Arabia’s sovereign wealth fund on ... Read more »

Sacheon Aerospace Manufacturing to raise 720 mln won via stock offering

SEOUL, Jan. 19 (Yonhap) — Sacheon Aerospace Manufacturing Ind.. Co.on Wednesday announced that it will sell stocks to raise 720 million won (US$604,178). The proceeds from the stock sale will ... Read more »

Kyochon F&B hit for frequent discounts after price hikes

Kyochon F&B CEO and Chairman So Jin-se speaks during an online press conference held on Oct. 22, 2020. Courtesy of Kyochon F&B By Kim Jae-heun Kyochon F&B, Korea’s largest fried ... Read more »

S-Oil to collaborate with Saudi Aramco on low-carbon energy development

S-Oil CEO Hussain A. Al-Qahtani, left, and Saudi Aramco’s Vice President of Chemicals and Hydrogen Olivier Thorel pose after signing MOUs at “Saudi Arabia ― Korea Investment Forum for Smart ... Read more »

Yoon calls for more investment, exchanges between S. Korea, Russia

Yoon Suk-yeol (R), the presidential candidate of the main opposition People Power Party, poses for a photo with Russian Ambassador to South Korea Andrey Kulik during their meeting at the ... Read more »

(LEAD) Seoul stocks down for 5th session on rate hike concerns

(ATTN: ADDS bond yields at bottom, photo) SEOUL, Jan. 19 (Yonhap) — South Korean stocks extended their losing streak to a fifth consecutive session Wednesday as rising U.S. yields and ... Read more »

A battle of lion, tiger and turtle? Art of face reading offers peculiar take on presidential race

Between various scandals, the leaking of private conversations and talks of possible unified candidacies, support for the three major candidates in Korea’s ongoing presidential race has fluctuated unpredictably throughout. But ... Read more »

Woori Financial marks sharp rise in market cap after successful privatization

Woori Financial Group, headquartered in central Seoul, is enjoying the sharpest rise among the country’s major banking groups this year in terms of market capitalization, after fully privatizing on Dec. ... Read more »

Kakao Bank CEO's huge stake sale extends debate on betrayal of shareholders' trust

Yoon Ho-young, fourth from left, then co-CEO of Kakao Bank, poses with other dignitaries during a ceremony to mark the company’s launch at the Floating Island Convention Center in southern ... Read more »

Lee Seo-jin takes stab at comedy with 'Dr. Park's Clinic'

Actors Ra Mi-ran, left, and Lee Seo-jin pose during the online press conference for Tving’s new comedy series, “Dr. Park’s Clinic,” Tuesday. Courtesy of Tving By Lee Gyu-lee Actor Lee ... Read more »

KENTECH criticized for 'ill-prepared' commendation award

The construction site of Korea Institute of Energy Technology (KENTECH) in Naju, South Jeolla Province. Yonhap KEPCO CEO Cheong Seung-il By Lee Kyung-min Criticism is mounting over the government’s plan ... Read more »

[Contribution] Korea's growth prospects optimistic, despite inflation, rising debt

Florencia T. Castro-Leal By Florencia T. Castro-Leal Korea’s handling of the pandemic and policy response have been one of the best in the world. The effective measures have both minimized ... Read more »

Samsung battling TSMC, Intel to be global leader in foundry business

By Baek Byung-yeul Samsung Electronics is facing growing competition with its rivals in the foundry business, as TSMC and Intel are expanding their investments in the rapidly growing, contracted semiconductor ... Read more »

SillaJen investors likely to take legal action

SillaJen shareholders call for the trading of the biotech company’s stocks to be resumed in front of the Korea Exchange’s building on Yeouido, Seoul, Tuesday. Yonhap Final decision for biotech ... Read more »

LG Energy Solution sets historically high bids in IPO subscription

Customers visit a sales office of Shinhan Investment in Seoul, Tuesday, to place bids for LG Energy Solution shares ahead of its initial public offering. Yonhap By Lee Min-hyung The ... Read more »

Labor issue potential risk to SK ecoplant's IPO

SK ecoplant CEO Park Kyoung-il presides over an extraordinary meeting of shareholders at the company headquarters building in Seoul in this December 2021 file photo. Courtesy of SK ecoplant By ... Read more »

(LEAD) Lee vows legalization of virtual asset industry

(ATTN: UPDATES with election pledges for seniors from 6th para) SEOUL, Jan. 19 (Yonhap) — Ruling party presidential candidate Lee Jae-myung said Wednesday he will institutionally recognize the virtual asset ... Read more »

Burger King franchisee looking to develop two new BK restaurants

Photo by: DashaKudryavtseva/Pixabay A Burger King franchisee, Sunny Ghai, is planning to expand and make its presence stronger in Northern California. Thus, through the Ghai Management Services Inc. that he ... Read more »

FTC fines feared to prompt foreign regulators to sanction local shippers

A Hyundai Merchant Marine containership using eco-friendly bio heavy oil is seen in this file photo. Courtesy of HMM Taiwanese, Singaporean firms consider filing lawsuits By Park Jae-hyuk A decision ... Read more »

Defense minister stresses military's 'will, efforts' for OPCON transfer assessment

Defense Minister Suh Wook (C) attends a meeting with top commanders to discuss progress in South Korea’s efforts to retake wartime operational control from the United States at the defense ... Read more »

BTS-inspired webtoon '7FATES: CHAKHO' is making waves, but what is 'chakho'?

The BTS-inspired webtoon, “7FATES: CHAKHO” / Courtesy of Naver Webtoon By Dong Sun-hwa As many people had expected, the BTS-inspired webtoon, “7FATES: CHAKHO,” turned out to be an instant hit, ... Read more »

Omicron set to become dominant strain this week

People wait in line to get swabbed for the coronavirus at a testing center near Seoul City Hall, Wednesday. Newsis New infections soar to over 5,000 for first time in ... Read more »

Korean currency's value falls sharply against US dollars

gettyimagesbank South Korea’s currency has depreciated against the U.S. dollar more steeply than other currencies due to soaring prices of raw materials, the country’s heavy dependence on the Chinese economy ... Read more »

Monday's launches ‘tactical guided missiles' under production

The photo, released by North Korea`s official Korean Central News Agency on Jan. 18, 2022, shows what the North claims to be a tactical guided missile being launched the previous ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic