Kyungrye Silcheon "Seoul Apartment Prices Rose 52% Under Moon Government... Twice That of MB and Park Geun-hye"

[Image source=Yonhap News]

[Asia Economy Reporter Song Seung-yoon] A survey revealed that Seoul apartment prices have risen significantly under the Moon Jae-in administration compared to the Lee Myung-bak and Park Geun-hye administrations.

According to the analysis of KB Housing Price Trends, Bank of Korea, and Statistics Korea data released by the Citizens' Coalition for Economic Justice (CCEJ) on the 23rd, the median price of apartments in Seoul increased by 314 million KRW (52%) per unit during the three years of the Moon Jae-in administration from May 2017 to May 2020. Based on this data, CCEJ compared the median apartment prices in Seoul at the beginning and end of each administration.

According to CCEJ, during the Lee Myung-bak administration (December 2008 to February 2013), apartment prices fell by 15 million KRW (-3%), while during the Park Geun-hye administration (February 2013 to March 2017), prices rose by 134 million KRW (29%), resulting in a 26% increase over the two administrations.

Unearned income from changes in Seoul apartment prices was estimated at approximately 155 trillion KRW during the Park Geun-hye administration and 493 trillion KRW during the Moon Jae-in administration. During the Lee Myung-bak administration, it decreased by about 35 trillion KRW. The nationwide median apartment price increase rates were 6% during the Lee Myung-bak administration, 27% during the Park Geun-hye administration, and 20% during the Moon Jae-in administration.

When calculating the time required to purchase a median-priced apartment in Seoul using the minimum wage during each administration, it was analyzed that at the end of the Lee Myung-bak and Park Geun-hye administrations, it took 38 years and 37 years respectively, while during the Moon Jae-in administration, it took 43 years.

CCEJ explained, "Although the Moon Jae-in administration promoted income-led growth and raised the minimum wage the most over three years, the period required to purchase an apartment with the minimum wage actually increased due to the rise in Seoul apartment prices by more than 300 million KRW."

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