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Signs posted on Oct. 8 indicate housing prices for various apartment units inside a large apartment tower in the Gangnam District of Seoul. (Yonhap News)

Seoul’s housing prices are more expensive than Tokyo’s and similar to those in New York and Washington, D.C., a study reports. According to findings on Nov. 19 from a National Assembly Research Service analysis commissioned by lawmaker Park Kwang-on, the Democratic Party’s secretary on the National Assembly Strategy and Finance Committee, the median housing price in Seoul was 434.85 million won (US$396,600) as of late 2016, the most expensive in South Korea.

Housing costs in Seoul were around 123 million won (US$112,000) more expensive than [the median] for Tokyo at 311.35 million won (US$284,000). The level was similar to those of New York City (443.4 million won/US$404,400) and Washington, DC (438.83 million won/US$400,300). The median housing price, referring to the centermost value when residential selling prices are ranked in order for a particular region, is considered a suitable indicator in assessing housing price trends. The median housing price in Seoul was lower than those in Hong Kong (774.85 million won/US$706,700), London (644.72 million won/US$588,000), San Francisco (931.63 million won/US$849,700), and Los Angeles (662.31 million won/US$604,100).

The average household was also found to take 9.2 years to earn enough to afford a home in Seoul, as calculated by the time needed to raise the equivalent of the median housing price in Seoul based on the 47.28 million won (US$43,120) average annual income for a two-person or larger household in a non-agricultural city without any other forms of spending. The period was roughly twice as long as the 4.7 years required for a home in Tokyo, and over three years longer than the 5.7 years needed for a home in New York City.

The average national median housing price was 228.53 million won (US$208,400). The median housing price in Seoul was 1.9 times higher than the national average. By region, the median price was 257.39 million won (US$234,800) for Gyeonggi Province, 220.55 million won (US$201,200) for Sejong, 217.30 million won (US$198,200) for Daegu, 214.99 million won (US$196,100) for Ulsan, 195.11 million won (US$178,000) for Busan, and 188.5 million won (US$171,900) for Incheon. The lowest level nationwide was in South Jeolla Province at 79.31 million won (US$72,300).

By Kim Kyu-nam, staff reporter

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