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GFRA Forums : General Discussion : Cost of living in Korea
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Cost of living in Korea

Baej J.
Posted: 17 September 2016 - 01:28 AM
The overall price levels of Korea are in the middle to low range within the Organization for Economic Cooperation and Development, a little higher than Spain but slightly lower than Germany.

If Korea's CPL is 100 and that of a foreign country is 120, the country's prices are about 20 percent more expensive than those of Korea. In June, Germany and Spain had CPLs of 106 and 96, respectively.

Among the countries with lower CPLs than Korea were Greece (88), Portugal (87), Slovenia (86), Estonia (79), Chile (76), Latvia (74), Slovakia (70), Czech Republic (68), Turkey (64) and Hungary (59). Particularly, price levels in Mexico (58) and Poland (55) were barely higher than half of Korea's.

The most expensive country in comparison with Korea in June was Switzerland with a CPL of 171 ? more than 70 percent higher than Korea's. Other countries with higher price levels were Denmark (147), Norway (145), Iceland (142), Australia (133), Israel (133) and the United Kingdom (130).

Posted: 17 September 2016 - 01:40 AM
Saving 16 years' income can buy home in Seoul.

To buy a house in Seoul, an average Korean has to save all his or her income, besides taxes, for 16 years. The national average household income was 38.6 million won, while average disposable income is reduced to about 30 million won after excluding non-consumption expenditure such as taxes and social insurance premiums.

Last month, the average apartment price was 260 million won, with flats in Seoul showing the highest price of 520 million won and those in South Jeolla the lowest at 100 million won.

"It is virtually impossible to save all of the household income except for taxes," the CCEZ report said. "It will take several dozen years to buy a home with savings after excluding living costs, and a considerable number of families will unlikely be able to buy their own homes for life."

Full story:
Kim S.
Posted: 17 September 2016 - 01:44 AM
Those who cannot afford to buy homes have to live with monthly rent or "jeonse" _ Korea's unique rental system that requires tenants to deposit lump sums with their landlords instead of paying monthly rent. But rising jeonse prices are making even that difficult.

"To control the spiraling jeonse prices and ensure residential stability, the government is urged to put a ceiling on it while ensuring at least four to six years of a contract period in which homeowners cannot demand a rise in key money,"
GFRA Forums : General Discussion : Cost of living in Korea

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