Most Buyers Feel Need to Get Their Own Home by Next Year

  • By Ahn Joon-ho

    August 01, 2020 08:29

    Most Koreans who intend to buy their own homes want to do so by next year, according to a straw poll, as jitters spread over the government's erratic attempts to tame real-estate speculation.

    The Chosun Ilbo polled 650 people who attended a two-day investment blitz at COEX in southern Seoul last week and asked when they think is the best time to buy their own home.

    Some 40 percent said the second half of this year, followed by 19 percent who said the first half of next year and 15 percent looking at the second half. Only 26 percent are prepared to wait longer.

    People line up to attend an investment blitz at COEX in Seoul on July 24.

    Asked about the adequate price, 25 percent said between W500 million and W700 million, while 24 percent said between W700 million and W900 million, 21 percent more than W900 million, and 18 percent said somewhere below W500 million (US$1=W1,191).

    Asked about the biggest obstacle, more than half of the respondents cited a lack of money and government curbs on housing loans. Some 25 percent cited exorbitant property taxes and 13 percent economic uncertainties.

    Among respondents in their 20s, 85 percent said the biggest obstacle to buying a home was a lack of money.

    Koh Jong-wan at the Korea Asset Management Institute said, "The government continues to suppress housing demand without offering plans for housing supply, which results in panic buying and causes housing prices to soar."

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