Seoul real estate with funny names

Who dreamed up the names of our neighbours houses? I used to think that New York real estate developers were the masters of ridiculous names. Now, I'm not so sure. Seoul is at least a strong runner-up. The signs to the right are all found within three blocks from our house, so it's not like I've gone out of my way to see silly things. Here, they are everywhere. The sign is usually fixed to the wall of what the Koreans call a "villa": a modern building, four to six stories high, with two or three apartments on each floor. The construction style is erratic, as if the houses sort of happened in a haphazard manner, and incorporates every possible (and sometimes impossible) architectural style or artefact.

Of course, buildings in many Asian countries like Japan and Korea have an average lifespan of maybe 20 years, much shorter than in Europe. The buildings are torn down and others constructed on the site. Here, people do not build for eternity, or at least three generations - houses are a very flexible part of the dynamic society (and the occasional earthquake, flood or war help to foster the image of change). The years after the Korean War, when almost every house was flattened by bombing and artillery, the Koreans had to find shelter fast. The building style is accordingly "palli, palli" (fast, fast in Korean). The steep hills and mountains of Seoul with narrow, winding streets add to the chaos.

There are beautiful modern buildings in Korea, but that architectural quality is seldom mirrored in private residences. The nicest thing one can say about the "villas" is that they look individual, and often use very good materials. The overall impression, however, is an appalling lack of taste. Just look at the choice of type in the signs. (Not to be accused of Korea-bashing, I can assure you that public type is bad in other parts of the world as well, with few exceptions).

Rich Koreans buy apartments from the developer, and then sublet them to foreigners like us. Recent changes in the tax laws have made the scheme less profitable, but still a lot of money is sunk into real estate. People want the type of assets that you can look at, and touch, not abstract figures on an internet share account. Gold and real estate are two common investments.

However, since the KOSPI (Korean stock index) rallied all through 2005, and all the banks here are trying to get people's money into new mutual funds, this might change. The silly names will surely remain on the villas, though.