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 Korean woman, expressed her disappointment after her property bid in a court auction failed. The auction took place on August 24 in Courtroom 101 of the Seoul Eastern District Court in Songpa District. The property up for grabs was a low-rise multifamily home, known as a villa in Korean, located in Amsa-dong, Gangdong District. The villa was appraised at 504 million won, equivalent to $370,000.
The auction attracted 11 bidders, a record number for that day's proceedings. Kim Yu-ji's older brother, Kim Beom-jun, 31, decided to bid alongside her for the first time. He had high hopes, believing his chances were around 80%. However, when the judge announced the results, Kim Beom-jun's bid of 370 million won fell 66.07 million won short of the winning bid of 436.07 million won.
The brothers quickly left the courtroom, with no time to dwell on their loss. They had to return to work later that afternoon. They were not alone in their experience. Around 10 other individuals in their 20s and 30s participated in the auction, including Kang Ji-yun, 27. Kang also failed to secure the property he had bid on in Garak-dong. The soaring prices of homes in Seoul had led these young bidders to seek alternative ways to purchase real estate.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Young Koreans turn to court auctions as Seoul prices soar koreatimes.co.kr
