Logo of Phnom Penh Post newspaper Phnom Penh Post - SK capital move ‘won’t fix realty prices’

SK capital move ‘won’t fix realty prices’

Content image - Phnom Penh Post
Sejong city (Yonhap)

SK capital move ‘won’t fix realty prices’

More than half of South Koreans are not convinced that the proposed relocation of the country’s administrative capital from Seoul to Sejong would help stabilise the overheated real estate market, a poll showed on Monday.

In a Realmeter survey of 500 adults nationwide, 54.5 per cent replied they do not agree that the ruling Democratic Party of Korea’s idea of moving major government offices to Sejong, about 120km south of Seoul, would serve as a solution to soaring property prices in Seoul and its surrounding area.

A total of 40.6 per cent thought positively of it.

Many of those who expressed disagreement with the idea were from Seoul and nearby cities, the survey showed.

While many aren’t convinced the relocation plan could help solve real estate issues, a Realmeter poll last week showed that many are in support of the administrative capital relocation plan itself.

The poll of 500 adults showed that 53.9 per cent said they support the capital move push, while 34.3 per cent disapproved of it.

According to a report issued last month by the Citizens’ Coalition for Economic Justice based on KB Kookmin Bank’s data, the median price of Seoul apartments had climbed 52 per cent from 606 million won ($505,000) to 920 million won during the three years of the Moon administration as of May this year.

Adding to the financial burden of aspiring homebuyers is growing fatigue over the excessive frequency of real estate policy announcements and the intricate rules on loans and taxation.



  • PM: West unfair to Cambodia

    Prime Minister Hun Sen released a message celebrating the International Day of Peace on Monday, saying that some major powers and western countries had been systemically cooperating to put political pressure on Cambodia as they did in the 1970s and 1980s. Hun Sen said pressuring

  • First ‘mobile kitchen’ in Cambodia enters service

    A catering company recently rolled out Cambodia’s first “mobile kitchen” – a $50,000 container capable of serving up to 200 people at a time. The kitchen is the brainchild of Seng Hok Heng Catering Services. At 4.4m-high, 6.8m-long and 2.4m-wide (expandable to 6.8m), the kitchen is equipped

  • Kingdom, China rebut basis for US sanctions

    The Council for the Development of Cambodia, the Ministry of Foreign Affairs and International Cooperation, and Tianjin Union Investment Development Group Co Ltd (Tianjin) have responded to US sanctions on Union Development Group Co Ltd (UDG), a Chinese-owned company currently developing the sprawling $3.8 billion Dara

  • ‘Bad news is an investor’s best friend’ – unlocking investment potential in Cambodia

    It is time to shop. Economic woes provide good pickings for investors if they know where to look The poem If, written by English Nobel laureate poet and novelist Rudyard Kipling for his son circa 1895, is widely perceived as fatherly advice for John who would

  • PM requests Russia’s Covid vaccine

    Prime Minister Hun Sen has requested that Russia provide Cambodia with its Covid-19 vaccine after the former announced it planned on mass vaccinating its population next month. The request came on Thursday through the prime minister’s Facebook page as he met with Anatoly Borovik,

  • Influenza breaks out in eight provinces

    Nearly 600 people have been infected with influenza in eight provinces in the past month, Ministry of Health spokesperson Or Vandine said. The ministry is advising extreme caution. A report released by Vandine on Saturday said the Ministry of Health observed transmissions of influenza between August 15