[Deputy Manager Column] Desire for Home

[Asia Economy Reporter Yoo In-ho] On the 15th, the voting day for the 21st National Assembly election, I went for a walk with my family to Dosan Park in Gangnam.

There were many couples and families out for a walk in the warm weather. As we entered the entrance of Dosan Park with my family, there was a particularly eye-catching scene.

About ten black large sedans and sports cars were lined up waiting. Upon closer look, it was a model house for an ultra-luxury apartment operated by a construction company.

The model house is only accessible to visitors who made prior reservations. As a result, employees dressed in black suits and black masks checked the identities of the people getting into the cars one by one.

Social distancing due to the novel coronavirus infection (COVID-19) could not suppress the desires of people wanting to buy better homes. The opinions of others did not matter.

In the recently popular TV drama "The World of the Married," houses also represent the desires and social status of the characters.

The first scene where the ex-husband, who was divorced, returns to his hometown in a flashy manner is also a house. The ex-wife moves into a bigger and more splendid house to show off. It reveals an inner thought like, "Look at my house. I'm not dead yet. I'll make you regret divorcing me."

For people, a house is like desire and hope. It is something you cannot have just because you want it, and something you cannot easily lose even if someone forcibly takes it away.

The desire for houses was also clearly shown in a recent survey result. In a survey conducted by Zigbang targeting 1,470 users of its application on the 'willingness to sell houses due to the sharp rise in official apartment prices this year,' 65% of respondents answered that although the tax burden such as property tax increased, they would continue to hold their houses. This proves that no matter how much the government strengthens real estate regulations to stabilize house prices, it cannot break people's attachment to their homes.

There is still no clear change in the real estate brokerage field. Although the burden of property tax has increased due to the government's rise in official prices and house prices are showing weakness, the general analysis on the ground is that selling is not the trend.

On the contrary, the apartment buying rush continues mainly among people in their 30s. According to the apartment sales transaction status by the Korea Real Estate Board, as of the report date in March, people in their 30s purchased 2,772 apartments in Seoul. This accounts for the highest proportion at 30.3% among all age groups.

Even if the government tightens loan regulations, raises official prices, or increases property taxes, those who want to buy will buy. Although it seems that the government holds the reins of the real estate market, ultimately, the private sector leads the market.

This is something the government and the ruling party, which has become a giant party with 180 seats, must not forget when making real estate policies.

This content was produced with the assistance of AI translation services.