According to the survey data of the National Bank, South Korea’s largest commercial bank, house prices in Seoul exceeded 12 million won per square meter (about $11k) for the first time.
House prices rose 20% in the past year and 7 since President Moon Jae-in took office in 2017. 4%.
South Korea’s Korean Daily reported on the 11th that the income of South Korean people has shown a significant polarization due to the impact of the coronavirus epidemic.
Soaring house prices make it more and more difficult for low-income families to buy houses.
South Korean President Moon Jae-in apologized for the surge in housing prices caused by the regulatory policy in his New Year’s message in Blue House on the 11th, and said that he would focus on expanding housing supply in the future.
According to the report, soaring house prices are also the main reason for Moon Jae-in’s declining approval rating.
Previously, the South Korean government introduced various restrictive policies to suppress real estate hoarding and speculation, but the result was that house prices in Seoul and surrounding areas continued to soar.
In addition, Moon Jae-in stressed in his New Year’s message on the same day that 2021 will be a year of recovery, tolerance and leapfrogging.
He said that it is the top priority to take off the mask and return to normal life order. For this reason, South Korea must first overcome the last obstacle of epidemic prevention.
