Cost has risen 55 percent during Roh administration
Apartment prices in South Korea have surged over 55 percent since the Roh Moo-hyun administration took office four years ago. This year alone, average apartment prices jumped more than 12.8 percent, a report showed. According to the report, compiled by the firm Realestate 114, average apartment prices this year stood at 7.83 million won (US$8,000) per pyeong (3.3 square meters), up 12.82 percent from the same period a year ago. This represents a 55.4 percent hike compared to the per-pyeong average of 5.094 million won recorded four years ago, the report showed. The city of Ulsan ranked first in terms of property price hikes during the four-year period, with price per pyeong amounting to 10.19 million won, up 45 percent from a year ago and 156 percent compared with four years ago. Real estate agencies attributed the sharp rise in property prices to an increased number of high-end apartment complexes sold there this year. It is the first time that prices exceeded the 10-million won mark in the port city. Gyeonggi Province, surrounding Seoul, is also among the areas where property prices saw a sharp increase. Average apartment prices in the province jumped 36.7 percent this year from a year earlier. Compared with four years ago, the prices surged more than 110 percent, the report showed.Seoul, frequently cited as a hotbed of property speculation, saw apartment prices increase only an average of 6.6 percent year-on-year, according to the report. In Busan, the nation's second-largest city, prices edged down 0.68 percent, affected by a sluggish demand for new apartments there. Incheon saw its prices jump 15.3 percent year-on-year and surge 97.2 percent compared with four years ago, the report showed. Please direct questions or comments to [englishhani@hani.co.kr]
