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An apartment complex in Seoul
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Total combined property value in S.K. at $1.5 trillion
Due to soaring apartment prices in the Seoul metropolitan area, the market value of housing nationwide increased by a total of 308 trillion won (US$320 billion) this year.
This amount is equivalent to 37 percent of the nation's gross domestic product (GDP) of 840 trillion won and more than double this year's national budget of 144.8 trillion won.
According to a survey conducted by a domestic realty agency, Budongsan Serve, as of December 6, the total market value of apartments nationwide apartments reached 1.4 quadrillion won, a 28 percent increase from last year's 1.09 quadrillion won. When excluding new apartments from the calculation, over the year the same apartments saw an appreciation of 234 trillion won.
By region, Seoul has witnessed the biggest jump, 143 trillion won, while Gyeonggi Province saw a 124-trillion-won increase. The remaining regions saw the total market value of their apartments increase by 42 trillion won.
Combining the total value of Seoul and Gyeonggi Province housing equaled a figure of 1.043 quadrillion won, accounting for 74 percent out of the total market value of the nationwide apartments. However, the number of households in the two regions was about 2.75 million, accounting for 48 percent out of the total households in the nation. The combined value of housing in the so-called "bubble seven'' areas -Gangnam, Seocho, Songpa, Yangcheon, Bundang, Yongin and Pyeongchon, all in Seoul or just outside of it - was about 431 trillion won, or 31 percent of the nation's total. The total market value of apartments in Gangnam-gu reached 112 trillion won, followed by Seongnam City, Yongin City, Seocho-gu, and Songpa-gu. Busan, which showed second-high in real-estate prices after Gangnam district last year, ranked the 6th place this year. Please direct questions or comments to [englishhani@hani.co.kr]
