Taeyoungho, Overwhelming Support in Apgujeong and Cheongdam... Comprehensive Real Estate Tax Over Security?

[Image source=Yonhap News]

[Asia Economy Reporter Park Cheol-eung] Tae Young-ho, the elected member of the United Future Party, received overwhelming support particularly in Apgujeong-dong and Cheongdam-dong within the Gangnam district. These areas are known for having relatively higher housing prices even within Gangnam. Rather than expectations based on his background as a defector and expertise in security and intelligence, it is interpreted that voters strongly supported the United Future Party’s real estate policies, such as the easing of comprehensive real estate tax. Tae recently made remarks about health rumors concerning North Korean State Affairs Commission Chairman Kim Jong-un but later apologized.

According to the Central Election Commission on the 6th, Tae received 60,000 votes in the Gangnam-gap district, while Kim Seong-gon of the Democratic Party received 40,000 votes. In Apgujeong-dong, Tae recorded 11,565 votes, about four times more than Kim’s 3,046 votes. In Cheongdam-dong, Tae also received 9,549 votes, more than twice the support of the Democratic Party candidate. Tae secured more than one-third of his total votes (60,324) from just Apgujeong-dong and Cheongdam-dong.

On the other hand, in Yeoksam 1-dong and Nonhyeon 1-dong, Tae was actually behind by 614 votes and 165 votes respectively. Tae won in Yeoksam 2-dong and Nonhyeon 2-dong as well, but the margin was not as large as in Apgujeong-dong and Cheongdam-dong.

According to KB Kookmin Bank apartment price statistics, as of last month, the price per square meter in Apgujeong-dong was 20.5 million KRW, ranking second nationwide after Banpo-dong (22.55 million KRW). Cheongdam-dong was ranked seventh nationwide at 16.8 million KRW per square meter. Meanwhile, Yeoksam-dong was 15.53 million KRW and Nonhyeon-dong was 12.18 million KRW, both below the Gangnam district average of 16.56 million KRW.

Even considering the premise that older age groups are more sensitive to security issues, the average ages in Apgujeong-dong (42.8 years) and Cheongdam-dong (41.4 years) are not significantly different from Nonhyeon 1-dong (41.9 years) and Nonhyeon 2-dong (42.2 years). Yeoksam 1-dong is relatively younger at 40.5 years, and Yeoksam 2-dong at 38 years. However, in Suseo-dong, where the average age reaches 49.6 years, Park Jin of the United Future Party narrowly led the Democratic Party candidate by 485 votes. Ultimately, within Gangnam, the relative housing prices appear to have been the main variable.

Looking at other districts, in Seocho-gap, Yoon Hee-sook of the United Future Party received about twice as many votes as the Democratic candidate in Banpo-dong and Jamwon-dong, but the margin was relatively smaller in Bangbae-dong. Similarly, Park Jin in Gangnam-e also won decisively in Gaepo-dong but received fewer votes in Segok-dong.

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