Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Not even lottery jackpots are enough to buy apartments in Seoul
Lottery buyers are lined up in front of a store known for frequent jackpots in Seoul, on New Year’s Day 2026. Yonhap
By Yi Whan-woo
Cho Soo-chul, a Seoul tenant in his 40s, has been buying lottery tickets for years with the hope of winning enough money to buy a home, a goal he finds impossible without hitting the jackpot amid soaring housing prices.
But that hope is fading, Cho says. “Lottery jackpots have dropped to a level that is not even enough to buy an average apartment in Seoul after paying taxes,” he told The Korea Times.
“Winning the lottery is no longer the life-changing opportunity it once was, disappointing an increasing number of buyers who I am sure are tenants like me.”
Cho’s frustration is reflected in data released Monday by Dong Hang Lottery, the government-consigned lottery operator, which showed that jackpots in 2025 averaged 2.06 billion won ($1.41 million), which falls to 1.4 billion won once taxes are deducted.
That after-tax amount is below the average price of an apartment in Seoul, which was 1.5 billion won in December 2025, according to separate data compiled by KB Land, the property data tracker of KB Kookmin Bank.
Last year’s biggest jackpot was 2.06 billion won, the lowest in history except for Lotto’s starting year in 2002.
The declining trend has continued throughout the 2020s, with top prizes of 2.55 billion won in 2022, 2.37 billion won in 2023 and 2.1 billion won in 2024.
In contrast, average Seoul apartment prices have continued to climb rapidly, surpassing the 1.5 billion won mark for the first time just six months after exceeding 1.4 billion won in July 2025.
A diverging pattern of lower lottery prizes and higher Seoul apartment prices has emerged as more Koreans buy lottery tickets, with total sales reaching 6.2 trillion won in 2025.
This marked a 4.6 percent increase from 2025 and the highest since Lotto sales began in 2002.
While the lottery operator did not provide details on ticket purchasers, an economist noted that the pattern “must be discouraging for would-be homebuyers.”
“Real estate has always been the top asset Koreans want, and many lottery ticket buyers take a chance because buying a home costs so much,” Inha University economics professor Shin Il-soon said.
The decline in lottery jackpots is paradoxically due to growing sales, according to the Korea Lottery Commission, which is in charge of overseeing lottery ticket sales and revenue on behalf of the government.
The commission explained that higher sales results in bigger prize pools but as more people participate, the odds rise of winning some amount, which in turn reduces the amount each winner receives.
It noted that the number of jackpot winners totaled 812 in 2025, up from 763 in the previous year.