[citation][nom]killerclick[/nom]So, a BMW is 80 million KRW and the deposit for your apartment is 40 million KRW?[/citation]
40 Million KRW if in Seoul, I'm in a different city so deposit is only 20 Million KRW. The chonsei system is where you put down a large amount of money and essentially pay no rent. If I was able to put down 110 Million KRW (about $100,000 USD) then I would pay zero rent and when I moved out the deposit is returned to me. The apartment owner gets to keep the interest of any investments made with that money, but he must be able to pay it at the expiration of the lease. The other system is wolsei where you just pay rent with a very small deposit equal to one months rent. I do a hybrid of those two were my rent is lowered based on the size of the deposit. So basically for a 1500 square foot new apartment you pay $1500 a month USD ($3~5000 a month in Seoul) but with deposit I only pay $1000 or so a month.
The car part was used as a base for comparison, a $40,000 USD car is worth 80 million KRW due to taxes. It shows the value of luxury items relative to the currency.
And to the above poster, the currency is not devalued, its designed without a sub-currency. Meaning no quarters, no dimes, no fraction of the base denomination. They instead just tacked three zero's onto the end and used sub 1000 units for coins. The lowest printed currency is a 1,000 KRW bill, which is worth slightly less then a $1 USD bill. Otherwise prices are compatible to the USA and Japan with luxury goods being more expensive but food and domestic clothing being cheaper. For a similar system look at Japan's Yen, which use's the 100 yen as the base.