[Opinion] Gangnam, Gangbuk and Local Areas

˝There are two tragedies in our life. One is that we cannot get the things we really want and the other is that we get them,” noted Oscar Wild. A newly-married couple asked for expert consultation on their housing plan over the Internet. “We plan to buy an apartment set for reconstruction instead of a house of our own. Of course, we will resell the apartment in about a year. Despite all the talks about strict government regulations, we believe prices of apartments set for reconstruction are bound to rise after some time. We would like you to recommend some of promising reconstruction blocks.”

Just about a year ago, people living in Gangbuk area had to feel relative deprivation seeing apartment prices in Gangnam area soaring. Even President of the Bank of Korea Park Seung acknowledged the fact and would say off the record, ˝It is not still too late to move into Gangnam area.˝ Yet. Moving in the area is very costly. Gangnam and Gangbuk are a part of Seoul City alike, but they are not on an equal par at all. When you move to local areas, you will hear people there say it is almost impossible to buy a house in Seoul. So if you own a small apartment in Gangbuk area, you are still a rich Seoul resident from their viewpoint. Local residents, believing apartments are so expensive anywhere in Seoul, tend not to believe that apartment prices in some of Seoul areas are actually lower than theirs. Having stayed in a local city for years, I came to learn the fact that this country is divided into three parts – Gangnam, Gangbuk and local areas.

According to the latest release of assets held by high-ranking government officials, the president has only about 200 million-worth assets, which means he is not even capable of buying some 10-pyong reconstruction apartment in Gangnam. The president, however, must not want the prices of reconstruction apartments to soar unlike the young couple. Then how about most of run-of-the-mill people? They will want the prices of reconstruction apartments to soar, as much as the young couple at least. Oscar Wild`s observation about life`s two tragedies seems to make no sense. Residents in local areas are giving up any hopes to move in Seoul, which they see as a large ‘black hole’.

Will this country prosper after reunification with the North? It may. Still we are living in a world, where a newly-married couple becomes speculators and the city of Seoul is increasingly seen as a foreign land to many of local residents.

Kim Gi-hong, Guest Writer, Professor at Pusan University, gkim@pusan.ac.kr