Young Koreans turn to court auctions as Seoul prices soar
Kim Yu-ji, 26, let out a sigh. "It failed," she said. "I had high hopes." It was the morning of Aug. 24 in Courtroom 101 of the Seoul Eastern District Court in Songpa District. The property on the block was a low-rise multifamily property commonly called a "villa" in Korean, located in Amsa-dong, Gangdong District, and appraised at 504 million won ($370,000). It drew 11 bidders, more than any…
Kim Yu-ji, a 26-year-old professional, sighed as she recounted her failed property bid. On August 24, in Courtroom 101 of the Seoul Eastern District Court, a low-rise apartment complex known as a villa in Korean was up for auction. The property, located in Amsa-dong, Gangdong District, was valued at 504 million won, or $370,000.
The room was filled with 11 bidders, a record for the day. Kim had taken a day off to attend the auction alongside her 31-year-old brother, Kim Beom-jun, who was making his first bid. He believed his chances were high, around 80%. The judge announced the winning bid at 436.07 million won, leaving Kim Beom-jun 66.07 million won short of the prize.
They both had to return to work that afternoon, not the only young bidders present. Kang Ji-yun, a 27-year-old, was among them, wishing he had found a way to purchase a home in Seoul, where prices had become prohibitively expensive.
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- Young Koreans turn to court auctions as Seoul prices soar koreatimes.co.kr
