https://www.koreatimes.co.kr/www/culture/2024/09/199_383160.html
Koreans remain uncertain over housing in apartment-dominated Korea
During the Chuseok holidays this September, a popular Korean film titled 'Concrete Utopia' aired on television. The story revolves around an apartment complex called 'Hwanggung,' which stands intact in Seoul after a devastating earthquake levels the city.
www.koreatimes.co.kr
During the Chuseok holidays this September, a popular Korean film titled "Concrete Utopia" aired on television. The story revolves around an apartment complex called "Hwanggung," which stands intact in Seoul after a devastating earthquake levels the city. In the dark and gloomy city, residents of Hwanggung as well as those who gather around the apartment for food and shelter, all struggle to survive. The film's title is an ironic question, in fact, asking us if apartments can truly provide a utopian living environment.
remain uncertain over ~에 대한 불확실성이 남아 있다, ~에 대해 여전히 불확실하다
housing 주택, 주택공급, 하우징(기계 부품을 덮는 단단한 덮개)
utopia 이상향, 유토피아
air on television TV에 나오다, 텔레비전에 방송되다
be on air = be telecast = be aired 방영되다, 방송되다
revolve around ~을 중심으로 다루다
apartment complex 아파트 단지
intact = undamaged (하나도 손상되지 않고) 온전한, 전혀 다치지 않은
devastating = disastrous = destructive = catastrophic = calamitous = ruinous 파괴적인, 파멸을 가져올
level (건물·나무를) 완전히 무너뜨리다, 평평하게 하다, (특히 총을)겨누다, 동등하게 만들다
level the city = hit the city = strike the city = wreck the city = wreak havoc on the city 도시를 엉망으로 만들다
dark = gloomy = grim = bleak = desolate = barren = dismal = miserable = dreary = dull = stark = dim = glum = downcast = dejected = despondent = forlorn 우울한, 암울한, 음울한
gather around ~의 주의에 모이다
struggle to = grapple with = wrestle with = strive to ~하려고 애쓰다ironic = ironical = sarcastic = sarky = satirical 반어적인, 역설적인, 비꼬는utopian living environmentliving environment 생활 환경
The message of the 2023 film resonates with the people of Seoul, where rows of apartment buildings stretch from east to west along the Han River, resembling the jagged slopes of the mountains for which Korea is famous. In Korea, apartments make up roughly 64 percent of the housing stock in a country with a population of 51.77 million, according to 2023 data from the Statistics Research Institute. This percentage highlights the overwhelming popularity of apartments in Korea, as reflected in the recent record-breaking prices recorded in Seoul. Additionally, there is growing concern that the widening social divide will further alienate people who are looking to buy a property. Statistics show that many apartment buyers in the first half of the year were in their 30s and 40s.
resonate with (어떤 기운·느낌으로) 가득하다, 상기시키다, 공감케하다
stretch from A to B ~에서 ~로 뻗다
jagged 삐쭉삐쭉한, 들쭉날쭉한
housing stock 주택공급, 주택보유량
record-breaking = all-time high = historic = fresh high = unprecedented = new high 사상 최고치의, 신고가의, 신기록의, 역사적인
social divide 사회적 분열
alienate 소외감을 느끼게 만들다
marginalize 하찮은 존재 같은 기분이 들게 하다, 하찮은 존재로 만들다
in the first half of the year 상반기에
in the second half of the year = in the latter half of the year 하반기에
One such buyer, a 36-year-old surnamed Lee, who works in Seoul, understands this too well. He purchased an apartment four years ago just as he was preparing to marry his fiance. "As a non-homeowner back in 2020, when the house prices rose exorbitantly, I felt nervous, and I decided to purchase one," Lee said. He identified that those in their 30s and 40s were at a stage in their lives where they were settling down, and the need for a home intensified. However, Lee pointed out that the fear of missing out can also play a significant role.
non-homeowner 비주택자
back in the day 옛날에, 예전에
exorbitantly = outrageously = ridiculously = absurdly = excessively = massively = tremendously = hugely = enormously = laughably = ludicrously = overly = over the top = immoderately 터무니없이, 과도하게, 지나치게
at a stage in one's life ~의 삶에서 ~의 단계에 있는
settle down 정착하다
intensify = heighten = compound = precipitate 고조시키다, 치닫게 하다
fear of missing out (FOMO) 좋은 기회를 놓치고 싶지 않은 마음
play a significant role = serve as = do duty for ~로서 역할을 하다
"The sense of competition is strong in Korea, and regular people have seen how their peers started out with an apartment and amplified it over decades ... so there is a strong tendency to think that purchasing an apartment is the key to having a secure living environment as well as an investment asset," Lee said. The Korea Real Estate Board found that Seoul apartment prices in August rose 1.27 percent over the previous month. The 1.27 percent increase marks the highest rise in 71 months. The last time Seoul apartment prices experienced a similar increase was in September 2018, when they rose by 1.84 percent.
start out with ~와 함께 시작하다
there is a tendency to ~하는 경향이 있다
secure living environments 안전한 생활 환경
investment asset 투자 자산
The price per apartment unit was exorbitant in some cases. The Ministry of Land, Infrastructure, and Transport announced in its public data on real-price transactions that, as of September this year, 14 apartments sold for over 10 billion won or more (approximately $751 million) each. The figure is a three-fold increase over the five units that were sold in the market at over 10 billion won last year.
exorbitant = outrageous = over the tip = ridiculous = ludicrous = absurd = laughable 과한, 과도한, 어처구니 없는
public data 공용 데이터
real-price transactions 실제가격 거래
three-fold increase = triple increase = three times increase 3배 증가
A redeveloped, newly built apartment of about 84 square meters in Banpo-dong recently made headlines when it sold for 6 billion won in August. The 84-square-meter apartment features one of the most popular layouts favored by Korean families, typically offering three bedrooms and two bathrooms. The average price for an 84-square-meter apartment in Seoul is 1.04 billion won. Forecasts for future prices remain mixed. "It's always been an uncertain market, as supply does not meet demand," said Park Won-gap, senior real estate analyst at KB Kookmin Bank. He cautiously forecast that prices, especially for high-end or apartment units in affluent areas along the Han River, will continue to rise.
square meter 평방미터(㎡)
make headline = go into headline = hit the headline = grab the headline = put on the front page = splash over/across 화제가 되다, 대서특빌 되다
layout 레이아웃, 배치, 공간구성
favored by = preferred by ~가 좋아하는, ~가 선호하는
in affluent areas 부유한 지역에
Professor Kwon Dae-jung, an expert in real estate studies at Sogang University, anticipates that prices will remain stagnant for the time being, as the government implemented stricter mortgage loan guidelines on Sept. 1, leading banks to be more hesitant in issuing new loans. The government enforced the second phase of debt service ratio rules, implementing higher stress rates when determining loan limits in the capital region. These rules dictate that a borrower's annual debt payments must not exceed 40 percent of their income. Nevertheless, challenges to maintaining a stable housing market persist, including low supply, strong demand for apartments, and the potential for a rate cut in Korea following the U.S. Fed's "big cut."
anticipate = expect = look to = look forward to = guess = conjecture = surmise = estimate = suppose 예상하다, 예측하다
remain stagnant 침체되어 있다
stagnant = static = lethargic = listless = sluggish = dull = depressed = inactive = motionless = immobile = inert = spiritless 침체된, 고인
mortgage loan 주택담보 대출
hesitant = reluctant = averse = faltering = balk at = wavering = tentative = timid = shilly-shally = dithering = fumbling = dubitative 망설이는, 주저하는, 머뭇거리는
debt service ratio (DSR) 채무 변제율
loan limit 대출 한도
dictate = command = order = rule = instruct = enjoin = adjure = demand = ask for = call on 명하다, 이르다, 요청하다
annual debt payments 연간 채무 상환
housing market 주택 시장
rate cut = interest rate cut 이자 인하
"Firstly, there isn't a sufficient supply of available apartments. And once you own an apartment, it can be redeveloped into high rises, meaning it will rise in value as an asset," Kwon said. Park saw the demand stemming also from so-called "apartment kids."
redevelop 재개발하다
high rises 고층주택, 고층 건물
rise in value 가치 상승
stemming from = originating in = emanating from = coming from ~에서 기원하는, ~에서 나오는
"Children who grew up in these apartments will likely be future buyers with a different sense of housing space. These so-called 'apartment kids' in their 30s and 40s prefer to purchase apartments over land or commercial buildings," Park said. Since the construction of multi-unit buildings began in 1958, Korean apartments, unlike those in Europe and the United States, were keenly occupied by middle-class families in the 1980s. Before that, Korean families lived mostly in houses or modernized hanok-style houses. Over the past few decades, apartments in Seoul have developed significantly alongside the growth of the Korean economy. The recently built high-end apartments in Hannam-dong and southern Seoul feature "gated" facilities, with some having actual gates and others offering community amenities like gyms and cafeteria
grow up in ~에서 자라다
grow up on ~와 함께 자라다, ~을 통해 자라다
a different sense of ~의 다른 의미
housing space 주거 공간
commercial buildings 상업용 건물
be occupied by ~가 차지하다, ~가 점유하다
alongside = together with = in line with = along with = in tandem with = in company with ~와 함께, ~와 나란히
gated facilities 게이트 시설
community amenities 공동체 편의 시설
Park sees the ubiquitous popularity of apartments in Korea as a combination of various factors. "Apartments streamlined the movement of women who did most of the housework," Park said. Kwon predominantly cited convenience and safety as its allure. Interestingly, an old black-and-white video resembling a public promotional clip from the film "Concrete Utopia" features a housewife stating that she heard that the apartments were very convenient to live in.
ubiquitous = omnipresent = prevalent = common = pervasive = widespread 만연한, 흔한, 널리 퍼진
a combination of ~의 조합
do housework 가사일을 하다
streamline = simply = rationalize 간소화하다, 합리적으로 개선하다, 축소시키다
predominantly = mainly = mostly = for the most part = chiefly = principally = largely = overall = as a general rule 주로, 대게
allure = virtue = advantage = charming point = charm = magnetism = attraction = attractive point 매력, 매력요소
black-and-white video 흑백 비디오
promotional clip 홍보 영상, 프로모션 클립
live in = reside in = inhabit = dwell 살다, 거주하다
Moreover, the media's sensationalized use of terms like "lotto" or "lottery" when new apartments hit the market may be contributing to the instability of the housing market. "I think there tend to be more news articles on real estate focusing on certain areas like Seocho-gu or Gangnam-gu because those will bring in more readers," said Choi Yoon-jung, professor of communications at Ewha Womans University. "But when we think about the real needs of would-be house or apartment owners, it would help the readers more if these articles could offer an average price throughout Seoul including Mapo-gu, Nowon-gu and Gangbuk-gu as well," she said. High housing prices present a persistent challenge for policymakers as well.
sensationalized = provocative = sensational 자극적인, 흥미를 유발하는, 선정적인
hit the market 시장에 진출하다
housing market 주택 시장
focus on = concentrate on = center on = revolve around ~에 초점을 맞추다
would-be = aspiring = aspirant = potential 장차 ~이 되려는
average price 평균 가격
persistent = unrelenting = relentless = incessant = continual = constant 끈질근, 지속적인
policymaker = lawgiver = lawmaker = legislator = politician = parliamentarian = representative 정책 입안자, 입법자, 국회의원
The Bank of Korea (BOK) is facing a dilemma over the correlation between a lower interest rate and higher apartment prices, as it considers cutting its 3.5 percent benchmark interest rate. The severity of the dilemma was well illustrated in BOK Gov. Rhee Chang-yong's recent remarks in an interview with The Financial Times. He said that Korea may well need extreme measures such as putting in place a quota or cap on admitting the number of students from the Gangnam area to prestigious universities in order to curb apartment prices in Seoul.
face a dilemma over ~에 대해 딜레마에 놓이다
dilemma = catch-22 = predicament = quandary 딜레마, 진퇴양난, 이러지도 저러지도 못하는 상황
benchmark interest rate = base interest rate 기준금리
severity = significance = gravity = seriousness = importance = magnitude 심각함, 중대함, 엄중함, 중요성
remark = utterance = statement = comment = mention = observation 발언, 언급
put in place = implement = carry out = enforce = bring into practice = carry into practice 실행하다, 시행하다
quota = cap 한도량, 할당량, 몫
prestigious universities 명문대학
curb = rein in = control = restrict = constrain = restrain = check = limit = weigh down 제한하다, 억제하다
"In northern parts of western Europe, there is a consensus that housing has a social value, a perception that housing is a social infrastructure. To that end, the government supplies public housing and policies that make it easier to rent and own a home. Korea, instead of regarding apartment as a commodity, needs to go toward that route as well," said Park Mi-seon, a research fellow at the Korea Research Institute for Human Settlements.
consensus = agreement = concord = concurrence = consent 의견일치, 합의
social value 사회적 가치
social infrastructure 사회 기반 시설
to that end 그것을 위하여, 그 목적을 위해서는
public housing 공영 주택
commodity 상품, 물품, 원자재
go toward ~에 도움이 되다, ~방향으로 가다
코리아타임스위클리
"시사와 영어를 한 번에"
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