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S. Korea's housing market now worth 2.64x GDP: BOK Updated: 2020-07-26 10:22:10 KST

The total value of residential property in Korea has has risen to the highest level on record as a proportion of the country's GDP.
It's another sign of the overheated housing market the government's trying to deal with.
According to the Bank of Korea, housing in the country is worth a little over 5 quadrillion won -- or about 4.1 trillion dollars.
That's 2.6-4 times South Korea's total Gross Domestic Product.
And it's an increase compared to last year of 7.4 percent.
The rise in prices has been concentrated in Seoul, especially the Gangnam area, prompting the Moon Jae-in administration to raise taxes on speculative buying and selling and on the owners of multiple homes.
KOGL : Korea Open Government License
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