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  • 745sticky
  • Hero of Waygookistan

    • 1861

    • March 26, 2020, 01:52:57 pm
    • Korea
Re: Seoul residents now mostly millionaires.
« Reply #60 on: April 14, 2021, 02:53:22 pm »
Wow, you said "ephemeral" and "ephemera". That's so cool.  How long
have you waited to work that into a conversation?
much like "given enough typewriters, monkeys will eventually write shakespeare" (or however that analogy goes), chimp believes that if he throw enough words at the wall he might eventually hit on something actually funny


Re: Seoul residents now mostly millionaires.
« Reply #61 on: May 28, 2021, 05:17:21 am »

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?

“Wow we got so wealthy in East Asia, let’s migrate to the declining property-crime-infested West.”

No thanks. Those of us who were smart enough to migrate the opposite direction are now millionaires, in a society with a much higher quality of life, at the beginning of the century of Asia.


  • hangook77
  • The Legend

    • 4571

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Seoul residents now mostly millionaires.
« Reply #62 on: May 28, 2021, 09:10:55 am »
“Wow we got so wealthy in East Asia, let’s migrate to the declining property-crime-infested West.”

No thanks. Those of us who were smart enough to migrate the opposite direction are now millionaires, in a society with a much higher quality of life, at the beginning of the century of Asia.

Who migrated to Korea and ended up with million dollar apartments?  How many English teachers got a permanent resident visa without being married?  How many on a non marriage F Visa are now getting booted off them?  Who was able to come over xenophobic barriers?  Folks keep saying the west is racist but they actually allow folks to immigrate there and live there as well as talk about things there.  Critical race theory bullshit asides of course which just pits people against each other and is the extreme politics of division.  Marxist trash.  But most folks of different races get along in North America in spite of what the media tells you and you can actually immigrate there.  As for my being here, well, Korea paid me decent money to be here when I first came home.  Goals of paying off loans etc.  Great Recession and bad exchange rate for a few years kicked those plans in the balls.  But you go to where the money is. 


Re: Seoul residents now mostly millionaires.
« Reply #63 on: May 28, 2021, 11:10:19 am »
“Wow we got so wealthy in East Asia, let’s migrate to the declining property-crime-infested West.”

No thanks. Those of us who were smart enough to migrate the opposite direction are now millionaires, in a society with a much higher quality of life, at the beginning of the century of Asia.
Pre-tax


  • Lazio
  • Expert Waygook

    • 727

    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: Seoul residents now mostly millionaires.
« Reply #64 on: May 28, 2021, 11:47:46 am »
Pre-tax

Can be tax free if someone owns one property and sells it. Basically one person can sell one property in their lifetime with zero capital gains tax.


Re: Seoul residents now mostly millionaires.
« Reply #65 on: May 28, 2021, 12:25:22 pm »
Who migrated to Korea and ended up with million dollar apartments?

Me.

Who was able to come over xenophobic barriers?

Me again. I never encountered any.


  • Kyndo
  • Moderator LVL 1

    • I am a geek!!

    • March 03, 2011, 09:45:24 am
    • Gyeongsangbuk-do
Re: Seoul residents now mostly millionaires.
« Reply #66 on: May 28, 2021, 12:34:24 pm »
My apartment isn't anywhere near a billion won, but it's a nice one, and we didn't encounter any xenophobic barriers either.

Heck the banking agents who processed all the paperwork were pretty awesome: they drove us all around town to get various forms filled out and stamped at the gu offices, bought us coffee, and generally did their best to make themselves understood and us comfortable. Very professional.


  • L I
  • Waygook Lord

    • 6986

    • October 03, 2011, 01:50:58 pm
Re: Seoul residents now mostly millionaires.
« Reply #67 on: May 28, 2021, 12:39:38 pm »
Me.

Did you come to Korea with substantial capital? Or the large majority of your fortune was made here? Owning a million dollar apartment is quite the feat.


Re: Seoul residents now mostly millionaires.
« Reply #68 on: May 28, 2021, 12:51:18 pm »
Did you come to Korea with substantial capital? Or the large majority of your fortune was made here? Owning a million dollar apartment is quite the feat.

Actually, I came with debt! I don’t think it’s that hard; it appreciated 100% in the last 5yrs. So anyone who could have gotten a loan in 2016 would have made 1/2 million right there. Most everyone I know has a 1-5B KRW apartment, that seems normal for Seoul people. But the world is in an environment of manic asset price appreciation, and it could all evaporate fast, so I don’t marvel at it too much.


  • Lazio
  • Expert Waygook

    • 727

    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: Seoul residents now mostly millionaires.
« Reply #69 on: May 29, 2021, 08:25:46 am »
Are we talking market value of owned properties or with liabilities deducted?
If the former, then well above the million dollar mark.


  • SPQR
  • Hero of Waygookistan

    • 1010

    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Re: Seoul residents now mostly millionaires.
« Reply #70 on: May 29, 2021, 01:48:51 pm »

Who migrated to Korea and ended up with million dollar apartments?   


Me.


Who was able to come over xenophobic barriers?


Me.



  • Lazio
  • Expert Waygook

    • 727

    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: Seoul residents now mostly millionaires.
« Reply #71 on: May 29, 2021, 07:52:47 pm »
Me.

Me.


Allow me to help you with the math:

₩830.000.000 X 0.9 (ground floor discount) ≈ ₩750.000.000 ≈ $675.000

$675.000 << $1.000.000

You have ₩360.000.000 more to go. You can do it! Fighting!