A majority of Koreans take investment in real estate the most effective means to increase their wealth, despite a series of strong anti-real estate speculation measures by the government, a poll shows.

Stock investment and funds were traditionally considered the third most effective way of getting rich, though this has risen, from 4.9 percent in 2000 to 12.6 percent.

According to results released Tuesday, 50.3 percent of respondents regarded investment in property as the most effective way to augment their wealth, about double the number of those who preferred banking deposits (27.6 percent). In a similar survey in December 2000, bank accounts were considered the most effective way with 73.6 percent, while a mere 13.6 percent of respondents cited real estate investment. In another similar poll by Gallup Korea in February 2003, when the incumbent government took office, there was only a little difference in the size of the two groups, 38 percent for bank products and 38.4 percent for property.

People from every walk of life preferred real estate investment, regardless of how old they are, where they live and how much they earn. By age, 59.8 percent of respondents in their 40s and 48.5 percent of people in their 20s chose real estate investment as the best financial means. By region, Daejon and Chungcheong Province residents were most fond of property investment (59.5 percent), followed by residents in Seoul and Gyeonggi Province (56.6 percent). Some 48.9 percent of rural residents also regarded real estate investment as the best way to increase their wealth. There was no evident difference in income groups: 53.5 percent of people earning more than W4 million (US$1=W944) a month chose real estate, 56.7 percent of people earning between W2 million and W4 million and 48.7 percent of people earning less than W2 million.

Asked about their current financial state, 73.7 percent answered it was tight. One out of 10 households said they had to borrow money to make a living, and only 16.5 percent answered that they were financially comfortable. An overwhelming 94.3 percent of respondents found their lives unchanged or worse than last year. A paltry 5.8 percent answered their living conditions got better. Asked about prospects a year from now, 21.4 percent were optimistic, while 61.6 percent expected no change and 17 percent were pessimistic.

Edwina Baniqued