Mapo-gu apartment complex as viewed from the 63 building in Yeouido, Seoul on the 13th. News 1
According to an analysis by a civic group, the Moon Jae-in administration showed an 82% rise in apartment prices in Seoul. The price of an 82.6m2 (25 pyeong) apartment in Seoul, which was 660 million won when President Moon took office in 2017, was 1.190 million won as of December last year. It rose to 530 million won in four years, the largest increase since the Roh Moo-hyun administration.
文 During tenure, apartment prices rose more than 500 million won
Changes in the price of apartments in Seoul by regime. Materials provided for convulsions
On the morning of the 14th, the Citizens’ Alliance for Economic Justice Practices (Gyeongsilryeon) held an online press conference at the Gyeongsilryeon auditorium in Jongno-gu, Seoul, and announced the results of the analysis of market price fluctuations in 63,000 households in Seoul. The Kyungshilryeon announced that the apartment price in Seoul (based on 82.6㎡) in the past 18 years, from the Roh Moo-hyun administration to the Moon Jae-in administration, has risen by 880 million won. The price per 3.3㎡ jumped from 12.49 million won as of January 2003 to 45.2 million won in December last year.
In particular, the increase in the Moon Jae-in administration over the past four years was 530 million won, which accounts for 60% of the total increase over the past 18 years. After the Roh Moo-hyun administration, apartment prices in Seoul rose the most during the Moon Jae-in administration, and the only decline during the Lee Myung-bak administration. The increase in apartment prices in Seoul by government was 260 million won by Roh Moo-hyun administration ▶ Lee Myung-bak government -40 million won ▶ Park Geun-hye government 130 million won ▶ Moon Jae-in government 530 million won.
Apartment price increase rate’Bigangnam> Gangnam’
Changes in Seoul apartment market price by regime. Materials provided for convulsions
Non-Gangnam was no exception to the high-rise of apartment prices. The price of the apartment in Bigangnam, which was 530 million won at the beginning of the Moon Jae-in administration’s tenure, rose to 980 million won as of December last year, up 450 million won in four years. In terms of the increase rate, it recorded 87%, higher than the Gangnam apartment price, which increased by 74% during the same period. Gangnam apartments rose 810 million won over the same period (1.1 billion → 1.91 billion won).
The analysis of Kyeongsilyeon was also different from the rate of increase in apartment prices announced by the government. According to the Gyeongsil Ryeon, the rate of increase in apartment prices in Seoul (May 2017-May 2020) announced by the Ministry of Land, Infrastructure and Transport was 14%, but the Gyeongsil Ryeon analyzed that the increase rate during the same period was 53%. During this period, the increase rate calculated as the average selling price of KB housing price trends was 51%. In response, Gyeongsil-ryeon criticized “Government officials are hiding the fact that apartment prices skyrocketed and tricking them with false statistics.”
118 years must be saved to establish an apartment in Seoul
Based on the results of this analysis, Kyungshilyeon also calculated the period of time it takes to buy an apartment in Seoul with workers’ wages. During the four years of the Moon Jae-in administration, apartment prices rose by 530 million won (82%), while the average annual wage increased by 3 million won (9%), and the period of purchasing an apartment increased from 21 to 15 years to 36 years. It is possible to build an 82.6m2 (25 pyeong) apartment in Seoul only if 36 years have been saved without spending a single salary. Saving 30% of wages takes 118 years.
Gyeongsil Ryeon compared and analyzed the market prices of 63,000 households in 22 complexes in Seoul based on real estate market information from KB Kookmin Bank, Daum, Naver, and Real Estate 114. The investigation period was from January 2003, the beginning of the Roh Moo-hyun administration’s term of office, to December last year.
“Re-examine the crappy countermeasures made with false statistics”
Gyeongsilryeon said, “We must face the reality of the common people suffering from the highest house price surge since Dangun.” It must be reviewed in the article.”
“I am concerned that the promotion of the preferential public redevelopment and reconstruction project with the new Minister of Land, Infrastructure and Tourism Byun Chang-heum and the ruling party will greatly stimulate the house price,” he said. He added, “We must reform from the roots of the real estate problem and keep the president’s promise to “lower the house price to the level before the term of office” on January 7 last year.”
Reporter Lee Garam [email protected]