South Korea's Ministry of Land, Infrastructure, Transport and Tourism released a detailed investigation report on December 22, Yonhap News Agency reported. The report reveals a shocking fact: the average person in South Korea needs to go without food or drink for up to 15 years based on 2022 dataIt takes 2 years to buy a property in Seoul.
To reach this conclusion, the Ministry of Land, Infrastructure, Transport and Tourism conducted a large-scale sample survey, face-to-face with 510,000 households. This extensive survey methodology ensures the representativeness and accuracy of the data.
The report further notes that in 2022, the home-price-to-income ratio in the capital region of South Korea (including Seoul, Incheon, and Gyeonggi Province) reached 93。This means that people in the metropolitan area, if they want to buy a property, they need to save all their expenses and save money93 years. In Seoul, the proportion has increased from 14 in 20211 soared to 15 in 20222。Similarly, the house-price-to-income ratio in Incheon has increased from 7.1 to 77, Gyeonggi Province is 89。
However, contrary to the situation in the metropolitan area, the national average house-price-to-income ratio in Korea has increased from 67 slightly to 63。This indicates that there is relatively little pressure to buy property in areas outside the capital area.
The report not only reveals the enormous pressure faced by South Koreans in buying homes, but also reflects the uneven development of the real estate market. In big cities like Seoul, soaring housing prices make it difficult for ordinary people to realize their dream of buying a home, while in other areas, the situation is relatively good. This phenomenon not only has a profound impact on the quality of life of the Korean people, but also poses a severe challenge to the real estate policy.