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  • SPQR
  • Expert Waygook

    • 849

    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Seoul residents now mostly millionaires.
« on: March 30, 2021, 12:56:28 pm »
http://english.chosun.com/site/data/html_dir/2021/03/30/2021033001399.html

In the 11 districts south of the Han River, the average apartment now sells for an
eye-watering W1.31 billion on average.


Wow, this is amazing. This kind of cash in most western countries would buy
an enormous house with yard.  You don't get much for it here.  With so much wealth
I wonder why they don't emigrate?  You could live like royalty on Koh Samui or Cebu.


  • L I
  • Waygook Lord

    • 6388

    • October 03, 2011, 01:50:58 pm
Re: Seoul residents now mostly millionaires.
« Reply #1 on: March 30, 2021, 01:03:19 pm »
Most people in the world want to be near friends and family. (We who are reading this are the exception.) Changing countries is rare.


  • JNM
  • The Legend

    • 4811

    • January 19, 2015, 10:16:48 am
    • Cairo, Egypt (formerly Seoul)
Re: Seoul residents now mostly millionaires.
« Reply #2 on: March 30, 2021, 01:13:16 pm »
That is the “1st stage” retirement plan for many.


Re: Seoul residents now mostly millionaires.
« Reply #3 on: March 30, 2021, 01:16:47 pm »
"Seoul residents now mostly millionaires"
That's not what the article says

Also the article says this-
"The average sales price of an apartment in Seoul was W1.09 billion in March, up a whopping W18.01 million from the previous month."
Given COVID, this number could very well be skewed.

Furthermore, the value of their apartment is not the same as their liquid capital. For starters, most of those Jeonse deposits are through a mortgage guaranteed by the bank. Thus, they don't have the cash on hand and are paying that mortgage off over a period of 30 years. Also, that value is likely the result of a real estate bubble that could very well burst and see those values plunge back down.

As for "Why don't they just move and live in Cebu", they still have to earn income in order to pay off that mortgage. Also, they would have to gain residency and then find a job.

OP, I don't think you really understand this topic. It also seems like you haven't the foggiest clue regarding apartment prices in say, NYC. Lastly, not everyone wants to spend their life on the Philippines just doing nothing. They have their kids education to think about and they want to try business ventures, community ties, the rest of their family, etc.


  • pkjh
  • The Legend

    • 2097

    • May 02, 2012, 02:59:44 pm
    • Asia
Re: Seoul residents now mostly millionaires.
« Reply #4 on: March 30, 2021, 01:22:24 pm »
property rich, cash poor

And most of these people only have one property, and can't really sell it and move into another home that easily.


  • SPQR
  • Expert Waygook

    • 849

    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Re: Seoul residents now mostly millionaires.
« Reply #5 on: March 30, 2021, 01:26:12 pm »
That is the “1st stage” retirement plan for many.

Damn, if that is the first stage, I can't imagine the second.  I also can't grasp growing
old in this country.  I see old people here. Most are miserable wretches.


  • hangook77
  • The Legend

    • 3637

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Seoul residents now mostly millionaires.
« Reply #6 on: March 30, 2021, 01:27:05 pm »
They better sell their home and move to the countryside then and do it soon.  Bubble will burst and that paper value will mean nothing. 


  • SPQR
  • Expert Waygook

    • 849

    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Re: Seoul residents now mostly millionaires.
« Reply #7 on: March 30, 2021, 01:29:21 pm »
"Seoul residents now mostly millionaires"
That's not what the article says

Also the article says this-
"The average sales price of an apartment in Seoul was W1.09 billion in March, up a whopping W18.01 million from the previous month."
Given COVID, this number could very well be skewed.

Furthermore, the value of their apartment is not the same as their liquid capital. For starters, most of those Jeonse deposits are through a mortgage guaranteed by the bank. Thus, they don't have the cash on hand and are paying that mortgage off over a period of 30 years. Also, that value is likely the result of a real estate bubble that could very well burst and see those values plunge back down.

As for "Why don't they just move and live in Cebu", they still have to earn income in order to pay off that mortgage. Also, they would have to gain residency and then find a job.

OP, I don't think you really understand this topic. It also seems like you haven't the foggiest clue regarding apartment prices in say, NYC. Lastly, not everyone wants to spend their life on the Philippines just doing nothing. They have their kids education to think about and they want to try business ventures, community ties, the rest of their family, etc.

Dude, sometimes you should just unplug your computer.


  • SPQR
  • Expert Waygook

    • 849

    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Re: Seoul residents now mostly millionaires.
« Reply #8 on: March 30, 2021, 01:30:19 pm »
They better sell their home and move to the countryside then and do it soon.  Bubble will burst and that paper value will mean nothing. 

Real estate bubbles very rarely burst. Usually only if the surrounding economy
crashes or disappears. For example, Detroit.


  • hangook77
  • The Legend

    • 3637

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Seoul residents now mostly millionaires.
« Reply #9 on: March 30, 2021, 01:40:22 pm »
Real estate bubbles very rarely burst. Usually only if the surrounding economy
crashes or disappears. For example, Detroit.

2008.  Pop went the bubble.  Nowadays with new bubbles in the US folks just move to Florida, Texas, where ever and leave the older coastal cities including many large companies.  Other western countries and Korea should catch on to this trend.  Do some relocating for cheaper living costs.  Take a slice of Samsung and move it to Yeosu or something.  Let the workers have much cheaper living costs.  Or telecommute. 


  • SPQR
  • Expert Waygook

    • 849

    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Re: Seoul residents now mostly millionaires.
« Reply #10 on: March 30, 2021, 01:46:51 pm »
2008.  Pop went the bubble.  Nowadays with new bubbles in the US folks just move to Florida, Texas, where ever and leave the older coastal cities including many large companies.  Other western countries and Korea should catch on to this trend.  Do some relocating for cheaper living costs.  Take a slice of Samsung and move it to Yeosu or something.  Let the workers have much cheaper living costs.  Or telecommute. 

The 2008 calamity was caused by American bankers with dubious practices.


Re: Seoul residents now mostly millionaires.
« Reply #11 on: March 30, 2021, 02:40:55 pm »
Dude, sometimes you should just unplug your computer.
Notice how you don't disagree with anything or provide evidence why my conclusions are wrong, you just insult me.

Did I say anything that was wrong or innacurate?


Re: Seoul residents now mostly millionaires.
« Reply #12 on: March 30, 2021, 02:41:41 pm »
Real estate bubbles very rarely burst. Usually only if the surrounding economy
crashes or disappears. For example, Detroit.
Well, that's certainly never happened in Korea's past.

I mean, it's not like anything could send this country's economy into a tailspin, what with the CEO of its largest company currently in jail.
« Last Edit: March 30, 2021, 02:48:37 pm by Mr.DeMartino »


  • OnNut81
  • The Legend

    • 2146

    • April 01, 2011, 03:01:41 pm
    • Anyang
Re: Seoul residents now mostly millionaires.
« Reply #13 on: March 30, 2021, 02:47:36 pm »
Well, that's certainly never happened in Korea's past.

I mean, it's not like anything could send this country's economy into a tailspin, what with the CEO of its largest company currently in jail.

Detroit is also across the river from a hostile country it is technically still at war with.  South Korea doesn't have those concerns that might flare up and disrupt the economy.  I'm SPQRS on this one. 


  • SPQR
  • Expert Waygook

    • 849

    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Re: Seoul residents now mostly millionaires.
« Reply #14 on: March 30, 2021, 02:56:27 pm »
Detroit is also across the river from a hostile country it is technically still at war with.  South Korea doesn't have those concerns that might flare up and disrupt the economy.  I'm SPQRS on this one. 

Do I detect the cheap smell of attempted sarcasm here?  If North Korea
attacks you won't have to worry about your real estate.  You will most
likely be dead.


  • OnNut81
  • The Legend

    • 2146

    • April 01, 2011, 03:01:41 pm
    • Anyang
Re: Seoul residents now mostly millionaires.
« Reply #15 on: March 30, 2021, 03:10:17 pm »
Do I detect the cheap smell of attempted sarcasm here?  If North Korea
attacks you won't have to worry about your real estate.  You will most
likely be dead.

It's not attempted sarcasm if you smell it.  The Norks don't need to attack to disrupt things here.  All they have to do is keep launching missiles into the sea to create waves (pun intended.) 


  • CO2
  • Waygook Lord

    • 7104

    • March 02, 2015, 03:41:14 pm
    • Uiwang
Re: Seoul residents now mostly millionaires.
« Reply #16 on: March 30, 2021, 03:11:47 pm »
Detroit is also across the river from a hostile country it is technically still at war with. 
??
ETA 2day 4hour 45min to next reboot.
DO NOT UNPLUG


  • OnNut81
  • The Legend

    • 2146

    • April 01, 2011, 03:01:41 pm
    • Anyang


  • CO2
  • Waygook Lord

    • 7104

    • March 02, 2015, 03:41:14 pm
    • Uiwang
Re: Seoul residents now mostly millionaires.
« Reply #18 on: March 30, 2021, 03:18:46 pm »
Really?
Should I be texting my aunts and uncles to hide in the basement? Is Windsor in danger? hahaha

They can fortify Caesar's Windsor and put mortars on the roof or something. Renaissance Center doesn't stand a chance.
ETA 2day 4hour 45min to next reboot.
DO NOT UNPLUG


  • OnNut81
  • The Legend

    • 2146

    • April 01, 2011, 03:01:41 pm
    • Anyang
Re: Seoul residents now mostly millionaires.
« Reply #19 on: March 30, 2021, 03:30:43 pm »
Should I be texting my aunts and uncles to hide in the basement? Is Windsor in danger? hahaha

They can fortify Caesar's Windsor and put mortars on the roof or something. Renaissance Center doesn't stand a chance.

I didn't expect it to be taken seriously.  You don't need to worry about any family in Windsor.  The strip joints and parking lots of that beautiful downtown are safe.