June 02, 2020 10:56
Rising property prices have resulted in the highest proportion of homeowners in Korea on record.
According to a survey out on Monday by the Ministry of Land, Infrastructure and Transport, 61.2 percent of Korean households owned a home last year, up from 61.1 percent in 2018. The ratio of homeowners to total households has increased for the fourth year running.
Koreans appear to have purchased homes for fear that prices will escalate even further. The self-occupancy rate rose from 57.7 percent in 2018 to 58 percent last year, which is also the highest level seen since 2006.
The survey was conducted on 60,735 households from June 2019 to February 2020. The increase in self-occupancy show that more people purchased homes to live in rather than to make money from rent.
It now takes 6.9 years for a Korean to purchase his or her own home, down from 7.1 years in 2018.
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