The National Assembly Research Service (NARS) has reported that house prices in Seoul has risen to the point they have surpassed Tokyo, and are almost on the same level as New York City.

With the median price for a Seoul home in late 2016 around 434.85 million won, compared to Tokyo’s 311.36 million won, a house in Seoul cost an average of 100 million won ($91,500) more than a house in Japan’s capital city. New York City’s median price is about 443.4 million won.

Looking at income levels, the United States and Japan surpass Korea. NARS states Koreans, with an average income of 47.28 million won, have shown to take around three to five more years to purchase a house over those in New York or Tokyo. London’s median cost of a home is around 644.72 million won, nearly 210 million won more than the cost of a home in Seoul.  

Average number of years to purchase a home, by city:

• Tokyo an average 4.7 years
• Singapore an average 4.8 years
• New York an average 5.7 years
• London an average 8.5 years
• Seoul an average 9.2 years

Source: The National Assembly Research Service, The Korea Herald

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