How much is a house in South Korea in US dollars?

By March 2022, the average sale price had climbed to an astonishing 626 million won (around $503,000), marking a dramatic increase of nearly 84% in just over four years. This trend has been a cause of concern for many potential buyers and homeowners alike.

The surge in housing prices can be attributed to various factors, including limited land availability, high demand for properties in urban areas, and economic growth. Additionally, government policies aimed at promoting housing ownership and discouraging speculation have had mixed results, further fueling the rise in prices.

Despite these challenges, many people continue to aspire to own a home in the greater Seoul area due to its excellent infrastructure, job opportunities, and cultural attractions. However, the increasing cost of housing has made this dream unattainable for many.

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The housing market in the greater Seoul area has witnessed a significant surge in prices over the past few years. According to the Korea Real Estate Board, the average sale price of a home in this region has skyrocketed from 341 million won (approximately $274,000) in May 2017, when Moon Jae-in was inaugurated as the President of South Korea.