SEOUL, July 19 (Korea Bizwire) — The average price of an apartment in Seoul has shot up nearly fourfold in the past 18 years after more than doubling under the previous Moon Jae-in administration alone, a civic group analysis showed Tuesday.
A 99.1-square-meter apartment in the capital fetched 1.28 billion won (US$973,162) on average as of May, up 940 million won from the average price of 340 million won in January 2004, according to the Citizens’ Coalition for Economic Justice’s analysis of 124,000 apartment units in the city.
The average Seoul apartment price more than doubled during the five-year term of the previous Moon administration alone, with the number skyrocketing from 599 million won in May 2017 to 1.28 billion won five years later.
The corresponding price rose from 340 million won to 525 million won under the Roh Moo-hyun administration (2003-2008) before posting a drop to 491 million won during the following Lee Myung-bak government (2008-2013).
The number turned upward again under the next Park Geun-hye government (2013-2017) to reach 599 million won in May 2017.
The price hike means it takes 36 years for a worker in Seoul with a yearly income of 36 million won to purchase an apartment in the city, doubling from the 18 years of time required in 2004.
The price gap between apartments in Seoul’s three most expensive districts — Gangnam, Seocho and Songpa — and the 22 others reached an all-time high of 1.51 billion won this year, compared with 380 million won in 2004, CCEJ also said.