A third of top bureaucrats own homes in Seoul’s affluent areas

It has been analyzed that one out of three high officials at the presidential office Cheong Wa Dae and the government own homes in the so-called three districts in southeastern Seoul – Gangnam, Seocho and Songpa. Forty-seven percent of these high-level officials own more than two homes regardless of region.

According to the result of analyzing property changes of 639 level-1 officials at Cheong Wa Dae and the government by Rep. Shim Sang-jung of the minor Justice Party, which was announced through a government gazette on Tuesday, 210 people (33 percent) own residential properties in the three districts in southeastern Seoul. Seventy-three (46 percent) of 159 top officials at policy execution agencies that determine real estate related tax system, interest rate and supply such as Cheong Wa Dae, the Ministry of Economy and Finance, the Ministry of Land and Transport, the Bank of Korea as well as inspection agencies and authorities such as the Financial Services Commission, the Fair Trade Commission, the Supreme Prosecutors’ Office and the National Tax Service had homes in the three districts. This is a conspicuously high figure compared to the ratio of homes in the three districts owned by top officials in agencies other than the above – 29 percent (127 among 480).

Among agencies that execute real estate related policies, the Finance Ministry showed the highest rate of “Gangnam Three District” home owners, which was followed by Bank of Korea with 50 percent (four out of eight) and the Ministry of Land and Transport with 34 percent (10 out of 29). As for the figures that include homes in Yongsan-gu other than the three districts, Bank of Korea showed 88 percent (seven out of eight) whereas the Finance Ministry showed 62 percent (eight out of 13), followed by the Ministry of Land and Transport with 34 percent (10 out of 29).

Among inspection agencies and authorities, the National Tax Service had the greatest number of home owners in the affluent three districts with 80 percent (four out of five), followed by the Fair Trade Commission with 75 percent (three out of four), the FTC with 75 percent (three out of four) and the Supreme Prosecutors’ Office with 60 percent (21 out of 35). As for Cheong Wa Dae, the ratio of home owners in the three districts was 29 percent (15 out of 52).

“It is almost impossible to hope for adequate real estate policies where policy makers and executors related to real estate are gaining profit from skyrocketing house price,” pointed out Rep. Shim.


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