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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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 Posted: Mon May 15, 2006 2:15 am Post subject: Average Apartment Price in Seoul W286 Million |
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Average Apartment Price in Seoul Reaches W286 Mil.
Have you ever thought about the average price of apartments in Seoul? It came in at 286.8 million won ($306,737) in public reference prices set by the government, the Ministry of Construction & Transportation said on Monday.
This means that one apartment unit in Seoul, regardless of size, has an average price of 286.8 million won. Even if one saves 30 million won a year, it would take about 10 years to pay for the apartment.
Considering living expenses and annual earnings of an average Seoulite in his early 30s, which should reach 40-50 million won, he would become an apartment owner in his early 40s.
By Kim Yon-se, Korea Times (May 15, 2006)
http://times.hankooki.com/lpage/biz/200605/kt2006051517500611900.htm |
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Wangja
Joined: 17 May 2004
Location: Seoul, Yongsan
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| Posted: Mon May 15, 2006 2:31 am Post subject: |
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| That sounds rather low ..... but depends where I s'pose. |
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plattwaz
Joined: 08 Apr 2005
Location: <Write something dumb here>
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| Posted: Mon May 15, 2006 3:03 am Post subject: Re: Average Apartment Price in Seoul W286 Million |
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| Real Reality wrote: |
Even if one saves 30 million won a year, it would take about 10 years to pay for the apartment.
Considering living expenses and annual earnings of an average Seoulite in his early 30s, which should reach 40-50 million won, he would become an apartment owner in his early 40s.
By Kim Yon-se, Korea Times (May 15, 2006)
http://times.hankooki.com/lpage/biz/200605/kt2006051517500611900.htm |
That's really not a big deal - in fact, I think it's quite low (not the apt price, but the length of time to pay it off). Most people I know back home are still paying their mortgages through their 40s, and most mortgages are taken out over 25 years. |
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Homer
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| Posted: Mon May 15, 2006 4:10 am Post subject: |
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| Own your own place without a morgage to pay by your eary 40's....thats pretty darn good RR.... |
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the eye
Joined: 29 Jan 2004
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| Posted: Mon May 15, 2006 4:20 am Post subject: |
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RR...Foiled again!!!!
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SuperHero
Joined: 10 Dec 2003
Location: Superhero Hideout
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| Posted: Mon May 15, 2006 4:33 am Post subject: |
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| I don't think it's that difficult me and my wife put together 100,000,000 in the five years we've been married. And we bought a new car, 3 overseas trips (including one with the first kid and car rentals) |
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JongnoGuru
Joined: 25 May 2004
Location: peeing on your doorstep
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| Posted: Mon May 15, 2006 4:40 am Post subject: |
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| Wangja wrote: |
| That sounds rather low ..... but depends where I s'pose. |
Perhaps, but I think it's more to do with the average size of apartment. I mean, if they're including all the newer one- and two-rooms on the market today...
I haven't read the article, but I'm sure that's a big part of what's behind this lower-than-expected figure. |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Mon May 15, 2006 6:58 am Post subject: |
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| JongnoGuru wrote: |
| Wangja wrote: |
| That sounds rather low ..... but depends where I s'pose. |
Perhaps, but I think it's more to do with the average size of apartment. I mean, if they're including all the newer one- and two-rooms on the market today... I haven't read the article, but I'm sure that's a big part of what's behind this lower-than-expected figure. |
The average standard price of an apartment in Seoul was 286.8 million won ($304,000) at the start of this year, according to the ministry. Considering that the standard prices, set by the government for tax assessment, are about 60 percent to 80 percent of market prices, it is estimated that the average apartment in Seoul sells for 410 million won.... The average price of an apartment in Gangnam district was 621.3 million won, the most expensive in Seoul.
by Kim Jun-hyun, JoongAng Ilbo (May 15, 2006)
http://joongangdaily.joins.com/200605/15/200605152143114379900090509052.html
At first glance, South Korea's land mass of 98,500 square kilometers (38,000 square miles) may seem unimpressive -- just one-fourth the size of California, but a little larger than Austria, for sake of comparison.
But the value of the land, estimated by the Korea Appraisal Board last year to be 2.3 million billion won ($2.2 trillion), could buy Canada six times over, and France eight times, according to a report from the Democratic Labor Party. "South Korea's real estate prices are, both relatively and figuratively, the world's highest and utterly too expensive," said the author of the report, Son Nak-goo, an aide to Democratic Labor Party lawmaker Sim Sang-jung.
Real estate market defies regulations
by Park Sung-ha and Jung Ha-won, JoongAng Ilbo (August 01, 2005)
http://joongangdaily.joins.com/200507/31/200507312242042479900090509052.html
... those two floors had been sold to merchants in the area for stores open to the public and with a price tag of 152 million won ($154,800) per square meter, or about $15,400 per square foot.
http://joongangdaily.joins.com/200603/17/200603172055204279900090509051.html
Foreign teachers' salaries: 2,000,000 - 2,500,000 million won per month
Can a foreign teacher save up to 30,000,000 won per year?
You have to earn it to save it. |
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Homer
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| Posted: Mon May 15, 2006 7:14 am Post subject: |
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Foreign teachers' salaries: 2,000,000 - 2,500,000 million won per month
Can a foreign teacher save up to 30,000,000 won per year?
You have to earn it to save it.
Yes but the article mostly concerns Koreans RR...not foreign teachers because really how many foreign teachers wish to buy property here?
How many of us out of the larger foreign teacher population have that goal?
If we do have that goal then it is achievable....remember that many long timers are married and have two incomes. Also, most long timers make more than 2.5 per month....hence it is possible to save and buy...or get a morgage loan....
As for the real -estate...it is expensive here but space is at a premium. It is not just about land size RR, it is also about terrain and the ROK is a mountain festival which tends to send land values up as building becomes more expensive.
Now can a foreign teacher save 30 million per year?
Lets look at your avg Joe on lets say 2.3 (an avg for a teacher here more than just one year)....
He can live on 800 000 won (he is saving to buy remember) and save about 1 million won on his basic salary. That works out to 12 million a year. This is the utter basics. It does not account for a higher wage (most likely for experienced teachers...who would be those wishing to buy an appartment...), family assistance, spousal salary, overtime, privates.... |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Mon May 15, 2006 8:06 am Post subject: |
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| Homer wrote: |
| ... He can live on 800 000 won (he is saving to buy remember) and save about 1 million won on his basic salary. That works out to 12 million a year. This is the utter basics. It does not account for a higher wage (most likely for experienced teachers...who would be those wishing to buy an appartment...), family assistance, spousal salary, overtime, privates.... |
The 12 million a year may be possible.
Experienced Korean teachers are rewarded for experience. Most foreign teachers are not rewarded for experience. The higher wage for experienced foreign teachers may not happen. A foreign teacher's experience does not influence the salary very much. If you have a lot of experience, you accept the same pay as a newbie or do not get hired. Many places have contract renewal limits for foreigners.
Privates are illegal. |
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Homer
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| Posted: Mon May 15, 2006 9:07 am Post subject: |
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| Quote: |
| Most foreign teachers are not rewarded for experience. The higher wage for experienced foreign teachers may not happen. A foreign teacher's experience does not influence the salary very much. If you have a lot of experience, you accept the same pay as a newbie or do not get hired. Many places have contract renewal limits for foreigners. |
All of the above holds true if you do not know where to look or how to negociate and present yourself...sorry RR.
Experience is rewarded with higher pay if you know how to market yourself.
Experience does open doors here.
You can accept the same pay as a newbie but that makes you a sucker (sorry).
Some places have limits on renewal, many do not.
In the end it is mostly about you (this is a generic you RR...not directed at your person). It is about what you do to improve yourself, learn about the system here and bank on your assets, credentials and experience.
Also privates are illegal but working at a different location is not if you get permission (this is under an E-2 and some long timers have F type visas).
There are also ways to maximise your income in certain jobs (ex: University) if you have the goal of buying an appartment. |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Mon May 15, 2006 2:03 pm Post subject: |
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RR you ALWAYS have to compare foreign teacher salaries with Korean teacher salaries.
On the whole, we make a lot more money than they do. If I looked at the amount of hours I work: that is teach, grade, prepare, other admin. vs. what the Korean teachers do, I would probably be double their pay on a per hour basis.
If you make 2.5mil a month...the taxes and other deductions are so low on that, perhaps you take home 2.2-2.3mil a month.
25mil+ a year after taxes.
If I was working in Canada I'd be taxed like 30% or 40% on whatever I made, so just to be equal with Korea, I'd have to make over 50,000 a year. The avg wage is 25,000 or so...so how do Canadians buy a home?
Mortgages, the same way Koreans do.
Most starter apts. outside Seoul are like 120-150mil...that is VERY possible to save up. I know quite a few foreigners who did it and bought their own apts. The key is having a double salary. Husband and wife BOTH working. (Same as in North America) |
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jinju
Joined: 22 Jan 2006
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| Posted: Mon May 15, 2006 3:53 pm Post subject: |
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| Real Reality wrote: |
| Homer wrote: |
| ... He can live on 800 000 won (he is saving to buy remember) and save about 1 million won on his basic salary. That works out to 12 million a year. This is the utter basics. It does not account for a higher wage (most likely for experienced teachers...who would be those wishing to buy an appartment...), family assistance, spousal salary, overtime, privates.... |
The 12 million a year may be possible.
Experienced Korean teachers are rewarded for experience. Most foreign teachers are not rewarded for experience. The higher wage for experienced foreign teachers may not happen. A foreign teacher's experience does not influence the salary very much. If you have a lot of experience, you accept the same pay as a newbie or do not get hired. Many places have contract renewal limits for foreigners.
Privates are illegal. |
You are an idiot. Im married.
1. Spouses make money too. And its often possible to save the entire salary and live on your spouses salary.
2. If you think experience isnt rewarded, you are a moron.
3. Privates are not illegal for F2-1 and F5 visa holders.Infact licenses can be obtained. Also, second incomes are more than allowed. A long tomer on an F2/F5 visa probably has a 2nd job.
Its possible to save over 2 million a month VERY VERY easily. |
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mack the knife
Joined: 16 Jan 2003
Location: standing right behind you...
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| Posted: Mon May 15, 2006 4:56 pm Post subject: |
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But here's the real deal:
1) Koreans don't pay back their mortgages over tens of years.
2) They move into apartments with the money their parents give them.
3) They purchase another apartment with a loan from the bank+savings
4) With the key money they collect from the renters of that apartment they
a. pay off the debt on their own homes
b. attempt to purchase more property
This is the Korean dream.
Learn it.
Live it.
Love it. |
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Homer
Guest
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| Posted: Mon May 15, 2006 5:00 pm Post subject: |
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Ah mack...many also save money while working full time before they get married and living at home. Then they use that money to outright buy a place (often with the help of parents).
Your description does fit the way some do things however. |
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