SEOUL, 08 Dec. (Yonhap) – The average apartment price in Seoul has more than doubled in about five years under the current Moon Jae-in administration, according to an analysis by a civic group on Wednesday.
According to the analysis by the Citizens Coalition for Economic Justice (CCEJ), an apartment in Seoul fetched 43.09 million won (US $ 36,590) per pyeong, or 3.3 square meters, on average in November, up 109% from May 2017, when Moon was sworn in.
The average price of 99.1 square meters apartments in the capital also fell from 620 million won in May 2017 to 1.29 billion won in November. The CCEJ said it analyzed price changes of 117,000 units in a total of 75 apartment complexes sampled across Seoul.
According to the group, the time it takes for the average Seoul worker to buy an apartment using their income savings has also dropped from 20 years to 38 years.
The data presented is the latest evidence of the Moon administration’s failure to lower house prices despite repeated promises to do so.
The Moon government has put in place a series of anti-speculation measures, including sharp increases in property taxes, to curb house prices in Seoul and other major cities, but the surge in apartment prices has been a drag. major source of damage to Moon’s approval ratings.