In 2004, when the real estate market began to wriggle after the Asian financial crisis. At that time, I had saved some seed money through a few years of working life and a little bit of stock investment, and I was having the same problem with the workers of my age.

“Should I buy a house?” There was only one reason. As the foreign exchange crisis, which was called the International Monetary Fund (IMF), calmed down, housing prices were fluctuating. Media outlets have been reporting that housing prices in Seoul, especially in Gangnam, are a bubble. Economic experts have come up with diagrams and graphs to explain why Korea is a real estate republic and why housing prices are bubble and will soon go out. The year 2004 is at its peak and the crash is about to begin.

I had a curious idea. It was because I had heard such words so far that I was tired of them. Since the 1980s, 먹튀검증 the media have been talking about it.

There has always been a flood of words such as “Gangnam House is expensive” and “The bubble will soon go out.” Seeing newspaper articles and economists repeating the same words for decades, not years, I’d rather check them with my own hands than listen to others.

I thought, ‘I’ll have to check it alive.’ Whether the price of houses in Gangnam is a bubble or not.

First of all, they decided to look for housing prices in Gangnam in the 1980s. No matter how much I searched, there was no reliable sauce. Real estate sites also did not provide market information that dates back to the 1980s. The same was true of KB Kookmin Bank and the Korea Appraisal Board. Don’t you know if the price is a bubble now? Fortunately, we were able to check the actual transaction price in the 1980s. In 1984, my parents sold 52 pyeong of Hyundai Asan in Apgujeong-dong and bought 59 pyeong of Hyundai Apartment in Gaepo district where development was just begun. For most people, buying and selling homes is one of the few big events in their lives. Therefore, my parents remembered the sale price accurately. In 1984, the price of the ninth floor of the sixth 52 pyeong of Hyundai Asan in Apgujeong-dong was 120 million won.

Now, we have data from the past. Don’t you know Gaepodong, but if Hyundai Asan in Apgujeong-dong have enough representation as a ‘Gangnam apartment’? In 2004, the price of 52 pyeong of Hyundai Asan in Apgujeong-dong was as high as it was on the Internet. It was 1.1 billion won. It was about a ninefold increase in 20 years. Is this a lot higher? No? It’s lost again. It’s true that it’s gone up, and if the price has jumped ninefold in 20 years, it’s likely to have gone up a lot. But it just went up a lot. I couldn’t make it bubble.

In the area of financial investment, this is the benchmark index Benchmark Index. Simply put, say that 1 million won was invested in the fund in 2000 and that it stood at 5 million won as of 2017. Criteria are needed to objectively prove whether the fund is well run or whether stocks bought in 2000 have risen significantly. In the stock market, KOSPIKOSPI serves as this benchmark index. While the KOSPI has risen 20 percent, my fund has a good return if it has risen 30 percent. On the other hand, even if my fund rose 50 percent, if the KOSPI rose 100 percent during the same period, it would be a poor return.

Such benchmark indexes were also needed for housing prices. Bank interest rates are what can be used as the most common benchmark index in an asset market without a benchmark index like the KOSPI. Simply put, the question is whether the principal was higher than the safe deposit in the bank. Looking at whether Hyundai Asan’s earnings rate in Apgujeong-dong from 1984 to 2004 is higher or lower than the bank’s interest rate in the same period, one might be able to determine whether this is a bubble or not.

First of all, we found interest rate data from 1984. If you go to the Bank of Korea’s statistics site, all economic and financial indicators are clearly organized. However, it has only been data since the 1990s. Data from the 1980s showed that only one 5-year national housing bond, not deposit rates, and the return on AA-rated corporate bonds have been provided since 1987.