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Korea Panic About Property Bubble

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Roh Sees Burst of ‘Property Bubble’

By Jung Sung-ki

Staff Reporter

President Roh Moo-hyun on Friday expressed concern about a possible economic slump if the ``property bubble’’ bursts.

Roh, however, pledged to continue his administration’s crackdown on speculative investment in real estate.

``We have witnessed our nation and other foreign countries suffering economic slowdown and difficulties when a real estate bubble bursts,’’ Roh said in a luncheon meeting with CEOs of small and medium-sized businesses at Chong Wa Dae.

continued -


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Maybe he reads this site? ;)

The Roh Moo-hyun government has initiated a tough policy against property speculation, which it describes as the main cause for economic polarization.

The so-called Aug. 31 policy initiated last year is aimed at curbing real estate speculation and tax evasion by slapping heavier taxes on multiple home owners and those with expensive properties.

Sounds good to me. Maybe our government would have done the same if so many of them didn't own second homes.

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Well. It seems their bubble is a bit more advanced than ours. In fact, it is magnificent!

"Apartment prices in the southern part of the capital are 18.9 times the average annual income of local wage earners, according to government statistics."

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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