Rising property prices in South Korea are putting house purchases beyond the reach of many young people.
It has become one of the major issues in local elections taking place this week.
The government promised to take measures to calm the market, and recently announced plans for more affordable housing.
But a state-owned company is accused of insider trading, buying up land that will be used for housing in advance.
Al Jazeera’s Rob McBride reports from Seoul, South Korea.
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#SouthKorea
it seems like this housing problem is going on forever with no solution
There is… a certain solution.
@Dave Stafford h
Nobody but some self-serving capitalists benefits by speculating on these real estate markets. Purchasing a bunch of property and houses that you’ll never use, decrease the supply/increase the demand, and inflate the prices, is such a counterproductive scheme. You don’t want to intervene on the market, but there may be some exceptions where you must do so.
They didnt learn from their neighbour experience
Oppo gangnam style💃🕺🌚
Cringe
Lol American colony of South Korea right? It is getting bankrupt. Stay tuned.
And Chinese colony of North Korea is in better shape yea?
South Korea will stand against the American’s attempts to destroy their economy, as we’ve seen Japan get beaten down during the 1980’s.
lol who says that 🤣 “colony”
Only you 🤣🤣 “not an important person”🤣
China is colony of USA and S.Korea since China copy from S.Korea so much
Youtube bots at it again
The communistic party of China is against traditional Chinese culture. I have not got enough time for nostalgia once it all disappears. This would apply the same to many other Chinese people.
Fix the price. Please.
Ahahahaha American colony of South Korea getting bankrupt
Lmao and chinas colony n.korea is in really good shape huh? Go eat ur bat soup 50cent army
They have been broke for a long time
Like in Poland
What is poland ?
Dont bts will solve this problem with their luv❤️❤️
They can’t lol
🙄
Bts is cancer
Let’s end capitalism as we know it before limitless greed ends us all.
You can go to Venezuela or North Korea in the meantime
@Cali_ Kid FU, fascist.
@Cali_ Kid Both did handle the pandemic better than the capitalists
How do you plan on ending capitalism and what will you and people that think as you replace it with?
@Siddhartha Choudhury how’s the vaccine going in those countries or do we still need to supply them with equipment?
Housing is a necessity, not commodity.
That’s what you expect to the New World Order System. founded by greed and deception.
SK was born in a scandal. 😂
South Korean in Seoul:housing crisis! North Korean in Pyongyang:our supreme leader giving us home!
Spain same problem
The fact that the South Koreans actually made any form of an attempt at fixing housing prices. Here in Canada the government profits off of the speculation.
Thats because in western society the voting bloc is the one benefitting from run away house prices
The housing situation is far better in Canada that in Korea. Their attempt to fix it was to introduce a high tax on both the purchase and selling of a home. So when you buy a home you have to pay the government a tax on your purchase. Then the person that recieve money from selling their home also has to pay tax on the income they receive from the sale. The government is literally double taxing on the sale of a home. On top of that the government put in a law that no bank can give korean citizens a morgage higher than $400,000. The average cost of an apartment in Seoul is 1 million. The government is getting a ton of money from this and no one can afford to buy a home.
@Ty phus I disagree. There are more homeless people in Canada, the % of price increase in Canada is higher, also right now the housing market in Canada is ridiculous. There are like 12 houses in Ontario that are 500k, most small houses in the GTA are 1.2 million.
@Ty phus Seoul also has higher demand than the GTA. Vancouver is one of the most expensive places in the world and noone can afford to buy houses there. The housing market in Canada is worse.
Hey join the crowd nyc and others stated is going through the same problem creely people
Same thing for Canada; it’s a joke an the Canadian Government has millions of angry young people on their hands.
BITCOIN
This is why we need to bring the guillotine back even though this is not France.
The same s*** happens in Chile 🇨🇱
This is a problem everywhere.
RUN SARA RUN UNGGOY
SOUTH KOREA = RACIST COUNTRY
Seoul is literally the same as London
Many cities around the world have a housing crisis, prices are beyond people’s reach
North Korea : hey, want a free house?
North korea has free housing, free health care and no taxes
@space potatoes Yeah, but they are against traditional Korean culture.
@space potatoes and free FAT DICTATOR we hope
The Moon administration is over. It’s not just a real estate problem, it’s an overall economic failure.
Economic failure happens all the time in south korea
@space potatoes You mean North Korea.
South Koreas population is about to shrink massively, so who cares
It doesn’t help that thousands of Western Koreaboos are going to SK.
South Korean politics is an absolute shitshow
Yeah why not give the money you pay to US to your citizens?
You high bro
Prices are rocketing everywhere needless to say after covidlockdown govt should help support people with reduced pricing
All young ppl wanna buy houses in Seoul. Then there will be consequences.
😄🤣😂😆😅😅😄🤤
문재앙~~
This is what happens when you copy western system in everything and allow foreign corrupt capitalist money into your estate businesses. All major western countries are having housing crisis.
No house no problem, go to the forest
Making new houses is kinda expensive
I haven’t thought this one through but would it be a bad idea to make renting illegal? Sure prices may drop but everyone would be able to buy a house
And no one would be incentivised to buy more than they reasonably need
nothing could be done if more than half of the population want to live in Seoul when u have whole Korea for living
high demands
high prices in Seoul
😑😑
why is it like south korea has a political scandal that causes an impeachment every other year
Population is also decreasing in South Korea then why do they have to increase house prices?
I thought this article is related to parasite movie
So opposition party won all above regions(Seoul and Busan).
many people are angry of government. Their policies are the worst