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SK capital move ‘won’t fix realty prices’

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Sejong city (Yonhap)

SK capital move ‘won’t fix realty prices’

More than half of South Koreans are not convinced that the proposed relocation of the country’s administrative capital from Seoul to Sejong would help stabilise the overheated real estate market, a poll showed on Monday.

In a Realmeter survey of 500 adults nationwide, 54.5 per cent replied they do not agree that the ruling Democratic Party of Korea’s idea of moving major government offices to Sejong, about 120km south of Seoul, would serve as a solution to soaring property prices in Seoul and its surrounding area.

A total of 40.6 per cent thought positively of it.

Many of those who expressed disagreement with the idea were from Seoul and nearby cities, the survey showed.

While many aren’t convinced the relocation plan could help solve real estate issues, a Realmeter poll last week showed that many are in support of the administrative capital relocation plan itself.

The poll of 500 adults showed that 53.9 per cent said they support the capital move push, while 34.3 per cent disapproved of it.

According to a report issued last month by the Citizens’ Coalition for Economic Justice based on KB Kookmin Bank’s data, the median price of Seoul apartments had climbed 52 per cent from 606 million won ($505,000) to 920 million won during the three years of the Moon administration as of May this year.

Adding to the financial burden of aspiring homebuyers is growing fatigue over the excessive frequency of real estate policy announcements and the intricate rules on loans and taxation.



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