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Living
Housing
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Residency
Living
in Seoul - The Facts
Note:
According to this August
28, 2003 article, foreigners have been the targets of inflated
rental prices and scams. Be sure to watch out for these scams by
Korean landlords, and if you can, get a trusted Korean friend to
help you search for a place to live.
Seoul is a hub of the national economy. The majority of head
and branch offices of banks, stock and insurance companies are
all concentrated in Seoul, with the stock market in Yeouido often
referred to as the Manhattan of Seoul. Seoul is a very expensive
city to live in when compared to many other international cities.
For some cost of living indexes, please check with these links.
This data changes frequently and we do not completely agree with
all data that we see, but perhaps some of these other Web sites
can be of use to you when trying to make a determination. Here
are a few links.
http://www.spanishpropertyco.com/79.htm
http://icsc.un.org/col_csr.asp
The quality of life between Seoul and Sydney for example can
be seen in this report written by Richard Payne Chairman Performance
and Reward Asia William M. Mercer
"How do
cities compare what this is showing you as I've done a comparison
Seoul as 100, the good news is that Seoul is higher than 123
cities. There are 123 cities that are worse in terms of this
index. Than Seoul but on the other hand there are 92 cities
that are ahead of Seoul they are higher in terms of quality
of living according to this index what we would recommend is
that if someone is moving from Sydney to Seoul they should receive
a 12.5 % quality of living allowance to compensate for the decline
in quality of living between Sydney and Seoul as you can see
some of the other numbers just to give you an idea Taipei is
103 so slightly ahead of Seoul while Manila and Bangkok is below
and Osan is 10% below Seoul." Here is the link to that article:
http://210.90.46.47/html_service/eng/seoul%20town%20meeting/sess5_rp_1.htm
Get a
peek of Korean housing with this online video tour.
Click
here to
see all our other videos. If you have trouble viewing, you can
right click on http://www.seoulsearching.com/videos/Housing.wmv,
and then click open. Must use Internet Explorer.
For a more
detailed and formal review of what the U.S. Central Intelligence
Agency thinks about South Korea to include their overall economic
situation, please visit this link: http://www.cia.gov/cia/publications/factbook/geos/ks.html
it is updated on a fairly regular basis. We do not endorse their
position and we are not at all affiliated with the CIA or the
U.S. Government in any fashion. Based on reading their assessment
however, we believe that the data is a fairly accurate picture
of the situation in South Korea. Given all of the recent corporate
and government scandal in South Korea and Seoul, it is difficult
to determine which financial and economic data is correct and
which is not. We are not saying that the South Korea government
is lying in their reports, but rather, there are just too many
conflicting reports (perhaps some data on some government Websites
has been updated and other data has not). We have recently reviewed
numerous publications about Seoul and South Korea's economic picture
and many of them tend to contradict one another.
Lately in
South Korea and for the past few years it has literally been one
scandal after another. Here is a link about the South
Korean Foreign Minister resigning from his office. Again,
if you're buying a home in South Korea, stop to consider potential
political and economic instability in this country first.
The bottom
line is simply this. For the average person, Seoul, South Korea
can be an expensive city on a daily basis. Rental payments are
high. Housing costs are very high considering the quality and
size of housing that is available, and for many, those properties
are well out of reach.
This is a
link to an article written about Seoul's unemployment. Presently
we know of many people in and around Seoul who cannot find a job.
Many of these people have Masters Degrees and Ph.D.'s and still
cannot land even an entry level position. Although the same is
true elsewhere in the world, we are focusing on Seoul for this
section of our Web site and we found this article to be of value
as it is well written. http://www.seoulnow.net/SITE/data/html_dir/2003/11/24/200311240012.jsp
If you already
have a job, you are lucky. Many Koreans can't find a job in their
own country. However, if you try to come to South Korea on your
own and get your own housing, you may have difficulty. Apartments
continue to be built based on speculation and many that have been
completed remain empty. There are good reasons for this. First,
the key money, or deposit, is substantial. Koreans can pay at
least $21,000 (US) for a medium-sized apartment. In Gangnam or
Ilsan, they can pay even more. Some proptery owners want the whole
year's rent in advance. In March 2004, Korean laws are changing
for foreigners, in that they only have to pay three months in
advance. However, this is still quite expensive.
In Seoul,
you pay for trash collection by purchasing trash bags. They come
in white color bags for residential use in sizes of 5, 10, 20
and 50 liters. Orange color bags for business in 20, 50 and 100
liters, and light blue color bags for public use that come in
50, 70, and 100 liters. These trash bags can be purchased at most
local grocery stores. You must recycle everything here.
Electric
surges through the lines here at 220 volts. Different rates apply
for business and residential use.
Tap water
is ok to drink here. Most people still use bottled water or boil
it though as an added safety measure.
Housing
The traditional way of life in Seoul has been changing with the
import of Western culture. One the most noticeable changes is
in housing. Hanok, or Korean-style houses, have been disappearing
rapidly, replaced by modern apartment complexes which have become
the common form of housing in Seoul. These community housing units
accounted for about 41 percent (as of 2004) of all housing forms.
Housing in
Seoul is expensive. There are several different types of housing
that are available in and around the Seoul-metro area. These include
individual houses, villas, a/k/a town homes, apartments, and studios.
Be prepared to shell out some hefty cash. Usually anywhere from
at least $2,500.00 per month USD for a studio on up to about $14,000.00
USD per month for a house or large apartment. Additional housing
options in and around Seoul include what is called an "OfficeTel"
which is part office and part cramped studio, boarding houses,
or hotels.
What
you will get for what you pay
(Click to enlarge)
1.5
million South Korean Won per month
About 1200 USD per month
8
million South Korean Won per month
About
6,000 USD per month
12
million South Korean Won per month
About
9,200 USD per month
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