SEJONG, Nov. 19 (Korea Bizwire) — The number of apartments owned by households in South Korea came to 9.03 million in 2018, accounting for 59 percent of all homes across the country, government data showed Tuesday.
The figures represent a 3.9 percentage-point hike from 8.7 million apartments owned by households in South Korea in 2017, Statistics Korea said.
The latest data is a reminder that apartments have long been the most-favored housing choice for many South Koreans.
In this densely populated country, apartment complexes often provide the most comfortable dwellings, as well as convenient access to amenities, such as schools and shopping.
Also, apartments tend to steadily appreciate in value and are regarded by many not just as a home but as a means to get rich.
Seoul — home to about one-fifth of South Korea’s total population of 51 million — is dotted with apartment buildings, including high-rises.
Apartment prices in the Gangnam district — a posh area in southern Seoul that gained global attention thanks to rapper Psy’s 2012 mega hit “Gangnam Style” — soared 110.9 percent between December 2002 and June 2018, according to data compiled by KB Bank.
Statistics Korea also said the number of individuals who owned homes came to 14 million in 2018, up 2.5 percent from a year earlier.
Among them, 11.81 million people owned one home, accounting for 84.4 percent, while 2.19 million people owned more than one, taking up 15.6 percent.