The World On arirang

The Moon Jae-in administration has issued new real estate measures. They were announced on December 16th by Deputy Prime Minister and Minister of Strategy and Finance, Hong Nam-ki, with aims that include ensuring fair and transparent transactions and expanding the supply of housing for actual owner-occupants. In Korea, eight in ten people believe they need to own a home, so real estate is always a hot topic. But home prices are so high that, for most people, buying a home would take six or seven years — or as long as 20 years — even if they saved every penny they made. That’s why it’s common to pay for a home by taking out a loan. Rising home prices are not only a concern for Korea — prices have surged in cities around the world, including London, Paris, Munich and many others. This week on Foreign Correspondents, we take an in-depth look at the issue, from the Korean government’s new real estate measures to home prices around the world.