Biggest fall in apartment prices in 10 years ↓…

Apartment prices and jeans prices across the country have fallen the most in 10 years. Apartment prices in Seoul also fell for a 17th consecutive week as the collapse in the real estate market due to steep interest rate hikes and transaction cliffhangers that preceded a long-term war.

According to the Korea Real Estate Agency on the 22nd, apartment prices across the country fell by 0.19% this week, 0.03 percentage points more than the previous week (-0.16%). This rate of decline is the largest in 10 years and 4 months since the Korea Real Estate Agency began an apartment price survey on May 7, 2012.

Apartment sales prices in Seoul decreased by 0.17% from the previous week, the biggest decrease in 9 years and 9 months since December 10, 2012 (-0.17%). An official from the Korea Real Estate Agency said, “Since the sale is mainly done on a quick sale, the sale price and the actual transaction price decrease at the same time, and the decrease increases gradually.”

In Seoul, all 25 autonomous regions continued to decline. Among all the autonomous regions, Dobong-gu had the biggest drop, down 0.31% from the previous week. Nowon-gu, home to low-mid range complexes, fell 0.28% from the previous week as rush sales continued in Sanggye, Junggye, and Hagye-dong.

In the Gangnam area, the biggest drop was in Songpa-gu (-0.29%), where sales of Jamsil rushes increased. The three Gangnam districts, including Seocho (-0.07%) and Gangnam (-0.10%), also fell the most this year.

In fact, the 84 m² dedicated to ‘Jamsil Els’ in Jamsil-dong, Songpa-gu was traded at 1.95 billion won last month, giving way to ‘club 2 billion’, and the same area of ​​’Trizium ‘ in Jamsil-dong was also sold for 2.08 billion won last month. At the beginning of this year, the actual transaction price of these complexes was close to 2.6 billion to 2.7 billion won. The 84 m² dedicated to ‘Remian Sinbanpo Palace’ in Jamwon-dong, Seocho-gu is also traded at 2.95 billion won last month, down almost 500 million won compared to last April (3.425 billion won).

Incheon (-029%) and Gyeonggi (-0.25%) also continued to weaken. Incheon Yeonsu-gu, released from the speculative overheating area the previous day, continued its downward trend, with 0.36%, and Seo-gu (-0.31%), Jung-gu (-0.30%), and Namdong-gu ( -0.21%), which is densely populated with large-scale, built-up and built-up land.

In Gyeonggi-do, Yeongtong-gu (-0.44%) and Yangju-si (-0.39%) in Suwon increased the decline due to a backlog of properties due to an increase in occupancy volume -0.40%) and other major regions saw the area metropolitan also wider decline. Sejong also fell 0.44% from the previous week, increasing the decline.

Since the selling price is decreasing, the price of Jeonse is also showing a weakening. This week, flat jeonse prices in Seoul fell 0.16% from the previous week, increasing the decline.

Incheon (-0.28%→-0.31%), Gyeonggi (-0.20% →-0.27%), regional (-0.10% →-0.14%), 5 metropolitan cities (-0.16% → -0.22%), 8 provincial (- 0.03% → -0.06%) and Sejong (-0.41% → -0.47%) also increased the magnitude of the decline.

An official from the Korea Real Estate Agency said, “As concerns about further interest rate hikes and market expectations that house prices will continue to fall, purchase inquiries plunged, so the downward revision of the sale price continue for now. “Since monthly rent is preferred, the price of new properties is falling,” he said.