Korean Real Estate and Konglish

Watched the Korean news here this morning (one of the benefits of the CRTC is they require cable companies to have a multicultural channel and a percentage of Canadian programming-similar to Korea's screen quota for movie theatres-but what it gets me is another channel of Korean info!) and saw that Seoul real estate is not looking so good. Remember a few weeks back I wondered where all the people would come from to fill all the new construction I was seeing? Well, looks like some others are wondering now as well. Seems there are fewer buyers of the new apartments (no real houses in Seoul, or at least not many to speak of) and also not many monthly-renters. Koreans use another system as well (also popular in Japan) called 전세/jeon-se where the 'renter' would put up 50% of the apartment's value for a period of 2 years. They wouldn't pay any monthly rent, but the owner of the apartment could invest the money (at 4-5% according to recent Korean deposit rates) and at the end of the term the renter gets their money back. If the market price went up then the renter has to pony up more dough to keep the place, if it goes down then they can take some back when they sign a new contract.

Recently, jeon-se money amounts have been falling in key areas like Kangnam (the uber-pricey real estate area of Seoul) which tells you that even though there may not be much turnover the implied prices of apartments there has fallen. This is, apparently, happening all over the city. Last April when my Yeouido officetel contract needed to be renewed we renegotiated it down by 30%! Not only that, but in 2005 about 300,000 new units will be newly constructed and on the market. Assume that some are officetels and some are family dwellings and that might mean about 600,000 people to fill them...again: where are they going to come from? Should be interesting.

Also, it seems it's impossible to get away from Konglish (that mix of Korean and English that barely makes sense, if at all). Here is some copy from a sticker book Spencer got from 'Santa' at school. (Ok, it was made in China, but still seems like Konglish to me.)

It's every children's dream to own a private album collected all memories of childhood. Album will record all steps of your growth and make a whole new feeling for your stickers.

Visiting sticker store to find TWIN Seven [brand name] Stickers and collect on Album right now. Don't let wonderful remembrance lost easily from your life. Show your treasure, enjoy with your family and friends.

Wow, quite great expectations for a sticker book.