April 19, 2024
Economy
Seoul apartment prices soar 43 times higher than income since 1988
[THE INVESTOR] Seoul’s average apartment price has risen as much as 43 times more than the average income increase since 1988, analysis showed on March 5.
According to Rep. Chung Dong-young of the People’s Party and the nongovernmental organization Citizens’ Coalition for Economic Justice, the average monthly income has increased 5.7-fold from 360,000 won (US$311) to 2.41 million won last year.
In comparison, the average price of apartments in Seoul’s Gangnam area rose 1.06 billion won, and that of properties in other areas of Seoul increased by nearly 462 million won.
The figures for property prices are based on 17 major apartment complexes each in the affluent Gangnam area, and in other areas including Yeouido.
The increase in Gangnam properties is 43.1 times higher than the increase in the average annual income -- about 24.6 million won -- while that for properties in other areas of Seoul is 18.7 times higher.
By Choi He-suk (cheesuk@heraldcorp.com)
According to Rep. Chung Dong-young of the People’s Party and the nongovernmental organization Citizens’ Coalition for Economic Justice, the average monthly income has increased 5.7-fold from 360,000 won (US$311) to 2.41 million won last year.
In comparison, the average price of apartments in Seoul’s Gangnam area rose 1.06 billion won, and that of properties in other areas of Seoul increased by nearly 462 million won.
The figures for property prices are based on 17 major apartment complexes each in the affluent Gangnam area, and in other areas including Yeouido.
The increase in Gangnam properties is 43.1 times higher than the increase in the average annual income -- about 24.6 million won -- while that for properties in other areas of Seoul is 18.7 times higher.
By Choi He-suk (cheesuk@heraldcorp.com)
