Real Estate Takes Up Bigger Slice of People's Assets (2017/01/01)
The proportion of real estate in Koreans’ assets grew a whole percentage point this year. Real estate prices surged 1.3 percent and more people invested in property as interest rates remained at records lows.
Statistics Korea said on Monday that the average assets per household averaged W361.87 million this year, up 5.7 percent or W19.41 million on-year (US$1=W1,202).
Real estate including the family home accounted for 69.2 percent. That is vastly higher than in advanced economies. In the U.S., the proportion of non-financial assets is just 30 percent and in Japan about 40 percent.
Among Korea’s over-60s, the proportion is a whopping 79.1 percent.
There are fears that a slumping real estate market will curb private spending even more due to this lopsided asset structure.
Housing prices are widely expected to fall next year as a glut of newly completed apartments come on the market.
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Source Real Estate Takes Up Bigger Slice of People's Assets (2017/01/01)
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