President Lee Jae-myung’s mention of housing price statistics at a cabinet meeting has revived the dispute over differences between public and private data. The Kyunghyang Shinmun noted on the 4th that Gangnam-area apartment prices fell in public statistics but were flat or rising in private ones, warning that a one-directional reading causes confusion.
According to the Kyunghyang Shinmun, Lee said at the cabinet meeting on the 3rd that statistics are released regularly but he worries whether they are properly conveyed. He said those who profit when housing prices rise tend to steer opinion in one direction using partial data, and stressed that actual transaction prices in major areas are ‘falling astonishingly’ and that it is important to let the public see accurate data directly.
광고 문의 · 300×250Same month, same Gangnam, different numbers
In the October changes for the three Gangnam districts cited in the article, the Korea Real Estate Board showed Gangnam -1.38 percent, Seocho -1.21 percent and Songpa -0.75 percent, all down. KB Real Estate showed -0.29, -0.01 and +0.29 percent, a mix of down, flat and up, while Real Estate 114 showed +0.03, +0.24 and +0.11 percent, all up.
The broad trend is the same, the Kyunghyang Shinmun explained. In KB’s monthly data only Gangnam (-0.33 percent) and Seocho (-0.04 percent) fell among Seoul’s 25 districts, while all 14 districts north of the Han River rose by an average of 0.90 percent. Real Estate 114 found the north (0.64 percent) rising about three times the south (0.23 percent), and the Real Estate Board found the 14 northern districts up 1.03 percent, twice the Seoul average of 0.50 percent. The direction, weak Gangnam and strong north of the river, is shared by all.
Survey methods differ
The numbers diverge because of differences in sample and method. The Real Estate Board surveys a weekly sample of 33,500 households and, where a sample complex has no recorded transaction, refers to deals and listing prices in the same or nearby complexes and brokers’ opinions. KB had a sample of 65,698 households as of January, verifies transaction prices entered by brokers and does not survey asking prices. Real Estate 114 covers 95 percent of nationwide apartment complexes excluding rentals, with AI analyzing transaction and asking prices.
This is not the first row. The Kyunghyang Shinmun recalled that in August 2020, after then President Moon Jae-in said the rise in housing prices was calming, the Blue House cited the Korea Appraisal Board’s weekly rate falling from 0.09 to 0.04 percent, while KB’s figure for the same week was a 0.39 percent rise, roughly ten times larger. The Yoon government later indicted 11 people including former Blue House policy chiefs Kim Su-hyun and Kim Sang-jo over alleged interference with statistics, and the first trial is ongoing.
An expert said that when regional trends diverge one should look at the Seoul average. Real estate commentator Yoon Ji-hae analyzed that gains are slowing but Seoul as a whole is still rising. The article concludes that rather than stressing declines in particular areas or interpreting a single statistic, regional trends and the Seoul-wide average should be viewed together.
