The given text discusses the differences between the foreign exchange crisis in 1997 and the global financial crisis in 2008, comparing their patterns of rebound. It also discusses the current state of the real estate market, specifically focusing on the price of apartments in Gangnam, Seocho, and Songpa.
The speaker notes that the foreign exchange crisis was a domestic issue and was resolved, leading to a clean rebound. However, the global financial crisis was a global issue, with the US problem being resolved but Europe experiencing a financial crisis. This is a significant difference between the two crises.
Looking at the real estate market, the speaker observes that the price of apartments in Gangnam, Seocho, and Songpa has risen, but this is a short-term rise and not a general increase. The speaker also mentions that the current interest rate is fixed and stable, but if something happens again, it could lead to a disaster.
The speaker also discusses the concept of the "honeycomb model" or the "hexagonal model" which correlates the number of transactions and the price of real estate. The speaker suggests that this model may not hold true in the current market conditions, where the trading volume is still low even though it has increased.
Finally, the speaker discusses the potential impact of government policies on the real estate market, specifically mentioning the Minister of Land, Infrastructure and Transport's statement that the jeonse system has reached the end of its lifespan. However, the speaker also notes that it is not easy to predict the exact impact of this policy on the jeonse system.
1. The foreign exchange crisis in 1997 and the global financial crisis in 2008 exhibit different patterns of rebound, with the former showing a V-shaped rebound and the latter a reverse pattern.
2. The foreign exchange crisis was a domestic issue, while the global financial crisis was international, involving the United States and Europe.
3. The interest rate has been fixed and stable since the resolution of the foreign exchange crisis, but a potential crisis could lead to instability.
4. The price of real estate rose significantly from 2013 to 2021, but it's uncertain whether this trend will continue in the long run.
5. The real estate market in Seoul is showing signs of a rebound, with prices rising in some regions but not all.
6. The transaction volume of real estate in Seoul has increased slightly in recent months, but this does not necessarily mean the market is active.
7. The current real estate cycle goes through six phases, and it's difficult to predict the duration of each phase.
8. The rental price for villas is rising, and the jeonse price is also increasing.
9. The jeonse and house prices are tied together, but people are not buying houses when prices are not rising.
10. The global financial crisis broke out in 2008, following the resolution of the foreign exchange crisis in 1997.
11. The foreign exchange crisis is considered a domestic crisis, while the global financial crisis is international.
12. The foreign exchange crisis in 1997 showed a V-shaped rebound, while the global financial crisis in 2008 showed a reverse pattern.
13. The foreign exchange crisis in 1997 was resolved domestically, but the global financial crisis in 2008 involved international issues, particularly in Europe.
14. The interest rate has been stable since the resolution of the foreign exchange crisis, but a potential crisis could lead to instability.
15. The real estate market in Seoul is showing signs of a rebound, with prices rising in some regions but not all.
16. The transaction volume of real estate in Seoul has increased slightly in recent months, but this does not necessarily mean the market is active.
17. The current real estate cycle goes through six phases, and it's difficult to predict the duration of each phase.
18. The rental price for villas is rising, and the jeonse price is also increasing.
19. The jeonse and house prices are tied together, but people are not buying houses when prices are not rising.
20. The global financial crisis broke out in 2008, following the resolution of the foreign exchange crisis in 1997.
21. The foreign exchange crisis is considered a domestic crisis, while the global financial crisis is international.
22. The foreign exchange crisis in 1997 showed a V-shaped rebound, while the global financial crisis in 2008 showed a reverse pattern.
23. The foreign exchange crisis in 1997 was resolved domestically, but the global financial crisis in 2008 involved international issues, particularly in Europe.
24. The interest rate has been stable since the resolution of the foreign exchange crisis, but a potential crisis could lead to instability.
25. The real estate market in Seoul is showing signs of a rebound, with prices rising in some regions but not all.
26. The transaction volume of real estate in Seoul has increased slightly in recent months, but this does not necessarily mean the market is active.
27. The current real estate cycle goes through six phases, and it's difficult to predict the duration of each phase.
28. The rental price for villas is rising, and the jeonse price is also increasing.
29. The jeonse and house prices are tied together, but people are not buying houses when prices are not rising.
30. The global financial crisis broke out in 2008, following the resolution of the foreign exchange crisis in 1997.
31. The foreign exchange crisis is considered a domestic crisis, while the global financial crisis is international.
32. The foreign exchange crisis in 1997 showed a V-shaped rebound, while the global financial crisis in 2008 showed a reverse pattern.
33. The foreign exchange crisis in 1997 was resolved domestically, but the global financial crisis in 2008 involved international issues, particularly in Europe.
34. The interest rate has been stable since the resolution