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Biz News Korea(Eng)
Seoul’s average housing price higher than Tokyo: report
- Collected
- 2017.11.19
- Distributed
- 2017.11.21
- Source
- Go Direct
According to housing price statistics report prepared by Rep. Park Kwang-on of the ruling Democratic Party, the median price of a house in Seoul, capital and the largest city in South Korea stood at 434,850,000 won ($395,500) as of Dec. 31, 2016. The median house price refers to house price right at the middle of all house prices lined up from the lowest to the highest.
The median price of a home in Seoul was 123,490,000 won higher than that of Tokyo, Japanese capital and 236,770,000 higher than that of Osaka, Japan’s another major city. When compared against world’s other expensive cities, it stood on par with Washington D.C., the U.S (438,830,000 won) and New York City (443,400,000 won). But Seoul’s home price was lower than those in Hong Kong and London, the U.K with 774,860,000 won and 644,730,000 won, respectively.
Given the Korea Statistics’ data on average annual income of urban household with two or more people at 47,280,000 won, it would take 9.2 years to buy a median-priced home in Seoul. It is three to five years longer than other global metropolitan cities. A resident in Tokyo needs 4.7 years to buy a house while it takes 4.8 years in Singapore and 5.7 years in New York.
The median price of a home in Korea stood at 228,530,000 won, and Seoul’s median home price was 1.9 times higher than the national average.
By Sohn Dong-woo and Cho Jeehyun
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