Abstract
The objective of this study was to determine characteristics of early apartment supply in Korea. Three main reasons have been proposed to explain why apartment was supplied in Korea in the 1960s. The first reason was to supply large quantity of housing. The second was to provide low-cost housing with efficient use of land through high-rise building. The third was to promote modernization of life through apartment. Among these arguments, this study attempted to analyze whether realization of affordable housing had actually been achieved. In this study, apartment prices were compared in two dimensions: relative price and absolute price. Relative price was the price per unit area of a single-family house compared to that of apartment supplied in the 1960s. Absolute price was the income-price per unit area ratio. Results showed that apartments were always more expensive compared to single-family houses during the entire analysis period. Results of this study suggest that the supply of apartments in Korea was preceded by a mass supply or modernization discourse rather than by economic advantage of low-cost housing.
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