1% of the Korean population owns a lot of housing

09/10/2017   Viewed: 585
According to statistics in 2016, 1% of South Korea's richest population owns an average of 6.5 housing estates.
 
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Busy Seoul. Illustration

According to the survey, the 139,000 wealthiest people in South Korea last year owned about 906,000 homes, totaling $ 161.2 billion. This is the data released by the Korean Taxation and Home Affairs Ministry.

In addition, 10% of Korea's richest people, equivalent to 1.38 million people, own an average of 3.2 homes. Compared to 2007, 1% of the wealthy, or roughly 115,000 individuals this year, own only an average of 3.2 homes.

Representatives of the Legislature of the Democratic Party say low interest rates are not the direct cause of more home buyers, which is faster than financial assets.

Korea Central Bank maintains its key interest rate unchanged since June 2016. While interest rates have stabilized, a series of real estate barriers have begun to emerge from last month, causing difficulties in buying real estate from homeowners and real estate speculators. .

Increased inequality causes frustration for low income people in Korea. As many as 44% of the population, representing some 8.41 million households, do not own any homes by 2015. The head of the Legislature said there was a need to address the issue. Equity in income and the application of appropriate tax measures to counteract the growing polarization between the rich and the poor, the owners of many properties and those who do not own any housing. .
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