The average apartment price in Seoul is $461,452. If the average foreigner in Korea saved 100% of their post tax salary, they could accumulate this amount of money in 21 years. Of course, after 21 years the price would likely increase by 21% assuming the bubble does not burst before then. The overwhelming majority of Koreans get money from their parents to buy apartments, sooooooo if you are a foreigner attempting to buy an apartment without credit or ‘daddy money’, you should probably look far, far away from Seoul.
I strongly hope that young Koreans band together and stop buying apartments. If just 20-30 percent of young couples abstained from buying an apartment, a crash could be induced. I’ve seen apartments in Seoul that do not even have underground parking, and have visible external cracks on the buildings going for half a million dollars, which is a cruel joke, and part of what stokes the “Hell Chosun” mentality among young people.
Re: Kids will be kids; how can Dan not distinguish between bad parenting and “kids will be kids”? “Family Friendly” doesn’t mean that your brats can run around and terrorise other customers who are also paying for their meals. Many Korean parents are absolutely lackadaisical when it comes to teaching their children basic human manners. Raising happy children who are well disciplined is not rocket science, it just requires effort, which many Korean parents do not seem willing to expend on something that does not directly and immediately benefit them. Ill mannered brats running around restaurants screaming is a tell-tale sign of piss-poor parenting; people who wanted kids but don’t want any of the responsibility associated with raising kids. There are pet owners who have the same mentality. See local newspapers for the rise of noise-related violence in apartment buildings.
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