Politics affects relationships in Korea

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• Housing Lottery winning can Change in Korean Life.

• Politics affects relationships in Korea

NEWS

Winning housing lottery in Korea is life-changing

In South Korea, a unique type of lottery—applying for an apartment at a significantly reduced price—has gained popularity. From July 29 to 30, nearly 3 million people applied for the chance to buy an 84-square-meter apartment in the Lotte Castle complex in Hwaseong, Gyeonggi Province, at its original 2017 price of 482 million won ($354,359). This is about 1 billion won less than the current market value, offering the winner a substantial profit potential if they choose to sell.

The overwhelming response was due to the low entry barrier, allowing anyone aged 19 or older to apply, which led to the housing application website crashing with over 7 million visits.

This phenomenon is linked to South Korea's price cap system, introduced in 2005 to curb property speculation and assist homebuyers amid rising prices. The system caps sale prices in regulated areas, creating a significant gap between market prices and government-offered prices.

However, this system is now driving speculative demand, as people are eager to secure these underpriced units, leading to fierce competition. Experts warn that this increased competition may distort the market and reduce the chances for those who genuinely need housing to secure a unit.

Politics affects relationships in Korea

Political differences are increasingly becoming deal-breakers in relationships among young South Koreans. A recent survey by the Korea Institute for Health and Social Affairs reveals that 58.2% of respondents, particularly women and those aged 19-34, are unwilling to marry or date someone with a different political orientation. The polarization extends beyond romantic relationships, with 33% unwilling to socialize with friends who hold opposing political views.

The survey also highlights widespread social conflict, with 92.3% of respondents identifying the divide between conservatives and progressives as the most severe. Other significant conflicts include those between regular and irregular workers, rich and poor, and homeowners and non-owners. Additionally, 65.1% of respondents view Korean society as unfair, citing issues like corruption, excessive competition, and lack of fair evaluation systems.

The report suggests that social trust is low and calls for public forums to bridge divides and foster dialogue among people with differing views.

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