April 06, 2021 11:57
Soaring property prices in the Seoul metropolitan area mean that even the Lotto jackpot is no longer enough to buy a top-range apartment there.
According to the Ministry of Economy and Finance, the average prize money of top lottery winners was W1.7 billion last year (US$1=W1,129).
In 2010, the jackpot of W2 billion would have been enough to buy two 85 sq.m apartments in Gangnam's luxury Raemian Firstige complex, which cost W940 million.
In late 2016, the jackpot of W1.5 billion was still enough to buy one apartment there, which cost W1.31 billion. But by last December, the price had soared to W2.25 billion, so even a jackpot winner would have had to find another W550 million somewhere else.
The ministry surveyed 271 jackpot winners last year and found that 42 percent wanted to buy an apartment or other real estate with their windfall.
- Copyright © Chosunilbo & Chosun.com