South Korea’s housing crisis worsens with new scandal

2021/04/08
 
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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

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  1. Avatar Sanyu Tumusiime says:

    it seems like this housing problem is going on forever with no solution

    • Avatar Dave Stafford says:

      There is… a certain solution.

    • Avatar Nitro Ngaihte says:

      @Dave Stafford h

  2. Avatar Serenity says:

    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.

  3. Avatar SMH says:

    They didnt learn from their neighbour experience

  4. Avatar Tazboy says:

    Oppo gangnam style💃🕺🌚

  5. Avatar Chinese-Russian nationalist friendship says:

    Lol American colony of South Korea right? It is getting bankrupt. Stay tuned.

    • Avatar Ebony Maw says:

      And Chinese colony of North Korea is in better shape yea?

    • Avatar edrgr says:

      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.

    • Avatar J Yay says:

      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

    • Avatar Cali_ Kid says:

      Youtube bots at it again

    • Avatar Malcom Brown says:

      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.

  6. Avatar Dariusz Dudka says:

    Fix the price. Please.

  7. Avatar Chinese-Russian nationalist friendship says:

    Ahahahaha American colony of South Korea getting bankrupt

    • Avatar Fate Avaraccus says:

      Lmao and chinas colony n.korea is in really good shape huh? Go eat ur bat soup 50cent army

    • Avatar space potatoes says:

      They have been broke for a long time

  8. Avatar Jakub Łuczak says:

    Like in Poland

    • Avatar Frenchkisssss says:

      What is poland ?

  9. Avatar Fate Avaraccus says:

    Dont bts will solve this problem with their luv❤️❤️

  10. Avatar sanjuansteve says:

    Let’s end capitalism as we know it before limitless greed ends us all.

    • Avatar Cali_ Kid says:

      You can go to Venezuela or North Korea in the meantime

    • Avatar sanjuansteve says:

      @Cali_ Kid FU, fascist.

    • Avatar Siddhartha Choudhury says:

      @Cali_ Kid Both did handle the pandemic better than the capitalists

    • Avatar Good_Night says:

      How do you plan on ending capitalism and what will you and people that think as you replace it with?

    • Avatar Cali_ Kid says:

      @Siddhartha Choudhury how’s the vaccine going in those countries or do we still need to supply them with equipment?

  11. Avatar Inu Wood Dog says:

    Housing is a necessity, not commodity.

    • Avatar Gol D. Roger says:

      That’s what you expect to the New World Order System. founded by greed and deception.

  12. Avatar SugarGuy says:

    SK was born in a scandal. 😂

  13. Avatar True North says:

    South Korean in Seoul:housing crisis! North Korean in Pyongyang:our supreme leader giving us home!

  14. Avatar Elena P. says:

    Spain same problem

  15. Avatar BananaRepublican says:

    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.

    • Avatar Abdigani Aden says:

      Thats because in western society the voting bloc is the one benefitting from run away house prices

    • Avatar Ty phus says:

      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.

    • Avatar DivineMedicus says:

      @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.

    • Avatar DivineMedicus says:

      @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.

  16. Avatar 55 ostar says:

    Hey join the crowd nyc and others stated is going through the same problem creely people

  17. Avatar trw says:

    Same thing for Canada; it’s a joke an the Canadian Government has millions of angry young people on their hands.

  18. Avatar a google user says:

    BITCOIN

  19. Avatar Dennis Marfo says:

    This is why we need to bring the guillotine back even though this is not France.

  20. Avatar Marco Rodríguez says:

    The same s*** happens in Chile 🇨🇱

    • Avatar Adrian A says:

      This is a problem everywhere.

  21. Avatar KKK says:

    RUN SARA RUN UNGGOY

  22. Avatar KKK says:

    SOUTH KOREA = RACIST COUNTRY

  23. Avatar K H says:

    Seoul is literally the same as London

    • Avatar Leanne Smith says:

      Many cities around the world have a housing crisis, prices are beyond people’s reach

  24. Avatar Achmad Alqadri says:

    North Korea : hey, want a free house?

    • Avatar space potatoes says:

      North korea has free housing, free health care and no taxes

    • Avatar Malcom Brown says:

      @space potatoes Yeah, but they are against traditional Korean culture.

    • Avatar Damian Rahardjo says:

      @space potatoes and free FAT DICTATOR we hope

  25. Avatar doridori says:

    The Moon administration is over. It’s not just a real estate problem, it’s an overall economic failure.

    • Avatar space potatoes says:

      Economic failure happens all the time in south korea

    • Avatar doridori says:

      @space potatoes You mean North Korea.

  26. Avatar Zuschauerquaeler says:

    South Koreas population is about to shrink massively, so who cares

  27. Avatar Hour Bee says:

    It doesn’t help that thousands of Western Koreaboos are going to SK.

  28. Avatar space potatoes says:

    South Korean politics is an absolute shitshow

  29. Avatar I Can't Breathe says:

    Yeah why not give the money you pay to US to your citizens?

  30. Avatar shiv says:

    Prices are rocketing everywhere needless to say after covidlockdown govt should help support people with reduced pricing

  31. Avatar Yee Tian says:

    All young ppl wanna buy houses in Seoul. Then there will be consequences.

  32. Avatar Kevon Thomas says:

    😄🤣😂😆😅😅😄🤤

  33. Avatar chickenpax1 says:

    문재앙~~

  34. Avatar butchfils says:

    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.

  35. Avatar marctorres654 says:

    No house no problem, go to the forest

  36. Avatar books from Windblown says:

    Making new houses is kinda expensive

  37. Avatar Laith Means Lion says:

    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

    • Avatar Laith Means Lion says:

      And no one would be incentivised to buy more than they reasonably need

  38. Avatar pikachu poll says:

    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
    😑😑

  39. Avatar Corruptikoo says:

    why is it like south korea has a political scandal that causes an impeachment every other year

  40. Avatar Vighnesh Srinivas says:

    Population is also decreasing in South Korea then why do they have to increase house prices?

  41. Avatar Vishal Choudhury says:

    I thought this article is related to parasite movie

  42. Avatar 김밥 says:

    So opposition party won all above regions(Seoul and Busan).
    many people are angry of government. Their policies are the worst

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