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Housing Crises and Policy Transformations in South Korea

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  • Seong-Kyu Ha

Abstract

South Korea has witnessed remarkable economic development since the 1960s. Its economic growth rate has few parallels. However, behind this facade of growth and progress, a chronic housing shortage in the capital region, declining owner-occupation, rising housing costs, and polarisation in housing conditions between the better-off and the worse-off clearly illustrate the increasing impasse and crisis in housing that Korea has faced. The Asian financial crisis of the late 1990s and the more recent global financial crisis shocked the Korean housing market. Immediately after each crisis, the housing market experienced a serious recession and a sharp drop in prices. This paper addresses the seriousness of the impact of the financial crises on Korean housing conditions and how the Korean government reacted to the housing crises. It also discusses the benchmarks over the years and how pressing exigencies in the last decade have led to dramatic transformations in housing policy.

Suggested Citation

  • Seong-Kyu Ha, 2010. "Housing Crises and Policy Transformations in South Korea," International Journal of Housing Policy, Taylor & Francis Journals, vol. 10(3), pages 255-272.
    • Handle: RePEc:taf:intjhp:v:10:y:2010:i:3:p:255-272
    DOI: 10.1080/14616718.2010.506742
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    Cited by:

    1. Jinhee Park, 2019. "Neoliberalism Meets “Gangnam Style”: Vernacular Private Sector and Large Urban Developments in Seoul," Urban Planning, Cogitatio Press, vol. 4(4), pages 62-72.
    2. Seon Young Lee, 2018. "Cities for profit: Profit-driven gentrification in Seoul, South Korea," Urban Studies, Urban Studies Journal Limited, vol. 55(12), pages 2603-2617, September.
    3. Chunil Kim & Jinsoo Ko, 2023. "Unintended Consequences of Housing Policies: Evidence from South Korea," Sustainability, MDPI, vol. 15(4), pages 1-25, February.
    4. Hyun Bang Shin & Soo-Hyun Kim, 2016. "The developmental state, speculative urbanisation and the politics of displacement in gentrifying Seoul," Urban Studies, Urban Studies Journal Limited, vol. 53(3), pages 540-559, February.
    5. Kon Kim, 2022. "Exclusion and Cooperation of the Urban Poor Outside the Institutional Framework of the Smart City: A Case of Seoul," Sustainability, MDPI, vol. 14(20), pages 1-18, October.

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