Apartment Prices in South Korea vs Indonesia: Which is More Affordable?

Against the backdrop of ongoing interest in comparing living and housing costs across Asian countries, debates have rekindled regarding apartment prices in South Korea and Indonesia. Social media sparked conversations following an incident at a concert in Kuala Lumpur, touching on property ownership among other topics. Real estate prices in Seoul, long noted for their height, average between 1 to 1.3 billion KRW, equivalent to 11.5 to 15 million IDR. In contrast, the cost per square meter in Jakarta’s elite areas is around 58 million IDR, 5 to 8 times lower than in Seoul. The South Korean market is further influenced by the ‘jeonse’ system. This unique leasing model involves large initial deposits without monthly payments, significantly limiting housing accessibility. In Indonesia, the more common credit approach includes smaller down payments.