"Unnie, was wedding planning always this hard? Finding a newlywed home is so difficult."
These days, when I meet soon-to-be brides and grooms, I try to offer serious advice as a two-year marriage veteran. I say things like "overcoming big hurdles together makes you stronger" or "wedding planning is hard for everyone." But when the topic of finding a newlywed home comes up, my voice gets quieter despite being a reporter covering real estate. I recommend various neighborhoods saying "you'll find something if you look hard enough," but in reality, the options I can actually suggest are few.
Recently, the average apartment sale price in Seoul's 14 northern districts surpassed 1.1 billion won ($810,000). While price growth in Gangnam has slowed, northern and southwestern areas have risen more than 3% since the beginning of the year. As rental listings decrease, many are moving to Seoul's outskirts or neighboring cities. It is becoming increasingly difficult for newlyweds and young people to secure homes in Seoul.
Perhaps that is why attention is focused on the June 3 nationwide local elections. Depending on who becomes Seoul mayor, housing policy could change. On the 13th, Democratic Party candidate Jeong Won-oh criticized housing policy, saying "Mayor Oh Se-hoon's rapid integrated planning sounds good but has produced no results." Mayor Oh countered that "if candidate Jeong becomes Seoul mayor, people will experience real estate hell." Both say they will increase supply and speed up the process, but their philosophies and visions are getting buried in political attacks.
Seoul's housing supply foundation is not built overnight. Redevelopment and reconstruction projects, which account for more than 80% of Seoul's housing supply, take over a decade from designation as a maintenance district to move-in. When policies flip with every election and projects stall, citizens bear the full cost. Whether through maintenance projects or idle land development, housing supply must proceed with speed regardless of election outcomes. I hope Seoul mayoral candidates present voters with predictable supply roadmaps in this election and properly implement them. Then I could confidently tell soon-to-be newlyweds: "Supply will continue, things will gradually improve, so climb the housing ladder step by step."