The buying sentiment in the Seoul apartment market has declined to the level of the stagnation of the housing market 10 years ago, and the number of apartments for rent in Seoul has exceeded 80,000.
According to the Korea Real Estate Agency, the Seoul apartment sales demand and supply index this week was 67.9, which fell more than last week’s 69.2.
This is the lowest figure in 10 years and 3 months since the first week of August 2012, when 67.5 was recorded.
According to the Seoul Real Estate Information Plaza, as of last month’s contract date, the number of apartment transactions in Seoul was 545, the lowest ever in October.
Also, according to Asil, a real estate big data company, the number of apartments for sale in Seoul was 54,927, a decrease of 1.2% compared to 10 days ago and a decrease of 4.6% compared to a month ago.
On the other hand, apartment rentals in Seoul were 82,931 as of today, an increase of 3.3% compared to 10 days ago.
The national flat sales demand and supply index was 75.9, down from 76.9 last week, and the lowest since the first week of July 2012 in 10 years and 4 months.
The general trading supply and demand index in the metropolitan area also recorded 70.5 this week from 71.6 last week, the lowest in 10 years and 4 months.
If the supply and demand index is below the baseline of 100, it means that there are more people on the market selling homes than buying them.