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A view of apartment complexes in Seoul. / Source: Yonhap News

A new analysis shows that 42 percent of senior elected and appointed officials, including members of the National Assembly, own homes in the three Gangnam districts of Seoul (Gangnam, Seocho and Songpa).

On November 18, data-analysis firm Leaders Index reported that, based on family asset disclosures for 2,581 high-ranking officials at grade four or above, 48.8 percent owned two or more homes. Of these, 17.8 percent held three or more properties.

The total assets held by these senior officials amounted to 5.7134 trillion won, of which buildings accounted for 3.3556 trillion won, or 58.7 percent. Residential properties suitable for actual occupancy alone numbered 4,527 units, with a combined value of 2.3156 trillion won.

By type, apartments were the most common, with 2,665 units (58.9 percent). In value terms, apartments accounted for 1.775 trillion won, or 76.7 percent of all residential real estate. They were followed by detached houses (16.6 percent), mixed-use buildings (8.6 percent) and officetels (6.9 percent).

By occupational group, senior central-government officials owned the most homes per person, with an average of 1.89 units. Mayors and governors of local governments owned an average of 1.87 units, while members of local councils and officials at public institutions and state-funded research institutes each held an average of 1.71 homes. Members of the National Assembly owned an average of 1.41 homes.

Regionally, ownership was heavily concentrated in Seoul, and especially in the three Gangnam districts.

Homes located in Seoul numbered 1,344 (29.7 percent of the total), slightly under 30 percent by volume, but their combined value reached 1.3338 trillion won, accounting for 57.6 percent of the total value of residential properties. Within Seoul, the three Gangnam districts—Gangnam (229 units), Seocho (206) and Songpa (123)—made up 41.5 percent of all Seoul-based homes. Yongsan District followed with 74 units.

Among all officials surveyed, the largest property holder was Cho Sung-myung, mayor of Seoul’s Gangnam District, who reported owning 42 units. His holdings include one apartment in Gangnam in his own name, 38 officetels in Goyang, one officetel in Sokcho, and two mixed-use buildings in Gangnam under his spouse’s name.

Among lawmakers, the biggest holder of residential properties was Democratic Party lawmaker Park Min-gyu, who represents the Gwanak-gap constituency. He owns a total of 13 units: one apartment in Seocho (jointly owned with his spouse), 11 officetels in Gwanak District and one mixed-use building in Dangjin, South Chungcheong Province.

Leaders Index said, “Multiple-home owners tend strongly to combine one or two apartments with detached houses, officetels and mixed-use buildings. The concentration of residential properties in Seoul, and particularly in the Gangnam area, remains striking.”