Concerns are growing over rising home prices in the Dongtan New Town area of Hwaseong, Gyeonggi Province.
Recently, a post titled "Is this Dongtan?" appeared on the anonymous workplace community platform, Blind.
The author, identified as A, who works at Samsung Electronics, shared, "I started looking at apartments near Dongtan Lake Park yesterday, and every real estate office was packed with people looking at homes. When I tried to finalize a deal on a place I liked, the owner raised the price by 20 million won right on the spot."
A continued, "In other places, prices were increased by 50 million won, making that property seem like the cheapest option. One house that was listed for 950 million won last month increased to 1.08 billion won after receiving numerous inquiries."
As this post circulated online, fears emerged that home prices in Dongtan might be surging again.
Internet users reacted, expressing concerns that "only actual buyers will suffer," and questioning whether a new price increase trend was beginning. Comments included, "It seems like homeowners are pulling their listings as prices are expected to rise," and "It's unreasonable to raise prices right before a contract is signed. Ultimately, it's the non-homeowners who will bear the brunt of this."
Particularly, some users referenced past surges in apartment prices in Seoul, voicing caution about the current situation.
Additionally, the post shared data reportedly released by the Citizens' Coalition for Economic Justice, detailing the average price increase of apartments in Seoul under different administrations. According to the data, during the Roh Moo-hyun administration, the average price rose from 300 million won to 530 million won, an increase of about 80%. The Lee Myung-bak administration saw a decrease of approximately 10%, while the Park Geun-hye administration recorded a rise of about 21%. The Moon Jae-in administration experienced a significant increase of around 119%, and the Yoon Suk-yeol administration saw a modest rise of about 1%.
The post also noted that the price of apartments in Apgujeong skyrocketed from 1.5 billion won in 2017 during the Moon administration to 7.5 billion won in 2022, marking an increase of nearly 400%.
* This article has been translated by AI.
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