The average price of land in Seoul has increased 11,365 times since 1964, analysis showed on March 15.
According to the NGO Citizens’ Coalition for Economic Justice, the average price of 3.3 square meter of land in Seoul rose from 1,000 won (US$0.87) in 1964 to over 11.36 million won in 2015. In comparison, South Korea’s GNI per capita has multiplied 211-fold, going from US$130 to US$27,450 over the same period.
The rise in Seoul land prices far outpaced the figure for the provinces, and the national average.
Over the same period, the national average rose from 100 won per 3.3 square meter to 232,000 won. The figures for the country excluding Seoul went from 100 won to 94,000 won, the NGO said.
By Choi He-suk (email@example.com