South Korea’s housing crunch offers a warning for other countries
A bizarre rental system is not helping
“Buying the house in 2021 might be one of the biggest regrets of my life,” says Kim Myung-soo, a 33-year-old whose home in Jamsil, eastern Seoul, has fallen in value by about $400,000. His wife is 33 weeks pregnant and Mr Kim does not know how he will repay the mortgage. He had planned to wait for prices to rise before selling the property to pay off the loan.
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This article appeared in the Finance & economics section of the print edition under the headline “Home truths”
Finance & economics February 11th 2023
From the February 11th 2023 edition
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