Kyungsilryeon "Buying a Home in Gyeonggi-do Takes 14 Years Even Without Spending a Single Penny"

Kyungsillyeon "Most Apartment Prices in Gyeonggi Province Have Risen Under Roh Moo-hyun and Moon Jae-in Governments Since 2003"

[Asia Economy Reporter Onyu Lim] The Citizens' Coalition for Economic Justice (CCEJ) held a press conference on the 22nd at the CCEJ auditorium in Jongno-gu, Seoul, claiming that "most apartment prices in Gyeonggi Province have risen during the Roh Moo-hyun and Moon Jae-in administrations since 2003." They also released survey results showing that it takes 14 years for ordinary people to afford an apartment in Gyeonggi Province even if they save every penny they earn without spending any.

CCEJ used real estate price information from KB Kookmin Bank and others to compare and analyze the market prices of about 60,000 households in 67 complexes located in standard sites within cities and counties of Gyeonggi Province from 2003 to 2020 by administration. Annual wages of workers were based on wage data by employment type from Statistics Korea.

According to CCEJ, the price of a 30-pyeong apartment in Gyeonggi Province increased by an average of 260 million KRW (200 million KRW → 460 million KRW) over 17 years from 2003 to this year. Of this, 250 million KRW, accounting for 96%, was the increase during the Roh Moo-hyun and Moon Jae-in administrations. The average apartment price in Gyeonggi Province rose by 110 million KRW (59%↑, 200 million KRW → 310 million KRW) during the Roh Moo-hyun administration and by 140 million KRW (42%↑, 320 million KRW → 460 million KRW) during the Moon Jae-in administration. In contrast, during the Lee Myung-bak administration, prices slightly fell by 30 million KRW (310 million KRW → 280 million KRW), and during the Park Geun-hye administration, prices slightly rose by 40 million KRW (280 million KRW → 320 million KRW).

Among the first-phase five new towns (Bundang, Pyeongchon, Ilsan, Sanbon, Jungdong), apartments increased the most during the Moon Jae-in administration. The Woosung complex in Bundang, Seongnam City, was the apartment with the highest price increase among those surveyed. The 32-pyeong apartment there rose by an average of 26.51 million KRW per 3.3㎡ (11.47 million KRW → 37.98 million KRW) over 17 years, with 18.6 million KRW of that increase occurring during the Moon Jae-in administration.

A CCEJ official said, "Due to such a rapid rise in housing prices, it has become more difficult for ordinary people to afford a 30-pyeong apartment in Gyeonggi Province under the current government."

In fact, CCEJ analyzed that under the Moon Jae-in administration, workers earn an average of 34 million KRW annually, and assuming they save their entire income, it would take 14 years to buy a 30-pyeong apartment in Gyeonggi Province priced at 460 million KRW. In contrast, under the Park Geun-hye administration, workers earned an average of 31 million KRW annually, and with apartment prices at 320 million KRW, it would take 10 years to purchase a home if all wages were saved.

A CCEJ official pointed out, "As apartment prices in Seoul skyrocketed, apartment prices in Gyeonggi Province have also risen simultaneously," adding, "While the government was fixated on targeted policies for Seoul apartments, the surge in housing prices became a nationwide phenomenon."

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