Discussions around Korea's soaring real estate prices, particularly in Seoul, are a constant national concern. This post taps into the ongoing debate about national balanced development and the challenges of population concentration in the capital.
Korea's real estate market, especially in the hyper-competitive Seoul metropolitan area, is a constant hot topic, and a recent online post has sparked a lively debate about potential solutions. The original poster suggests that the real answer lies in decentralization: relocating people and investing in regional areas. They point out that many provincial cities are currently struggling with high vacancy rates and a *jeonse* ratio of 80% or more, meaning rental deposits are nearly as high as the property's sale price, indicating a lack of buying interest. This idea isn't new; Korea has previously attempted balanced regional development through initiatives like *innovation cities*, where public institutions were moved out of Seoul. However, many netizens are skeptical, citing past failures and the immense challenges of convincing major corporations and families (especially those with children) to leave the capital region. Some even propose radical ideas, like moving the National Assembly, *Blue House*, and courts to *Sejong City* and building 100,000 public rental homes (around 25-30 *pyeong* each) in their place in Seoul.
🇰🇷 KOREAN REACTIONS 10
Even in regional areas, prime spots are still seeing price hikes, while vacancies pile up elsewhere. It's complicated.
But I heard Seoul will end up like that too, with the population decline coming.
I agree! We need to heavily invest in major cities like Daejeon, Busan, Daegu, Gwangju.
Is that the '5-pole, 3-special strategy' they're talking about? (A national balanced development plan)
I don't get why there's no clear blueprint for regional relocation yet. Even a roadmap would be a good sign.
The problem is how unrealistic it is. Honestly, the last chance we had was squandered by scattering public institutions across 'innovation cities,' which just let the Seoul economic zone pick them off one by one. Now, how do we move the big corporations and private companies from Seoul/Gyeonggi to regional areas?
Even right here, so many people talk about real estate but completely ignore regional areas. They only think of prime apartments in Seoul and Gyeonggi as 'real estate.'
Send the National Assembly, Blue House, and courts to Sejong City, and build 100,000 high-quality public rental homes (25-30 pyeong) in their place in Seoul. That would fix it!
Regional relocation isn't just done without budget allocation; it needs significant national funds poured into one area to be effective. If it's just local governments carving it up to enrich regional elites, like with the old public institution relocations and 'innovation cities,' it might be better not to do it at all.
Who would move to a regional area now? Especially families with kids, they absolutely can't go. Double-income households with kids? No way!