Record-breaking trade cliff… Seoul apartment prices fall the most in 10 years

The biggest drop since the survey in the metropolitan area and across the country due to rising interest rates and economic downturn
Jeonse Market October Lee Se-cheol disappears… The biggest discount in Seoul in 3 years and 7 months

The fall in apartment prices has widened further amid the worst ever transactions following interest rate rises and the economic downturn.

Apartment prices in Seoul fell for the first time in 10 years, and apartment prices in the metropolitan area and nationwide also fell the most in 10 years and 4 months since the May 2012 market price survey.

According to the Korea Real Estate Agency on the 29th, apartment prices in Seoul this week fell by 0.19% from the previous week.

The drop was more than -0.17% last week, and was the biggest drop in 10 years since the last week of September 2012 (-0.21%).

On a weekly basis, it was bearish for the 18th straight week.

According to distribution, ‘Nodo River’ regions such as Nowon (-0.33%), Dobong (-0.32%), and Gangbuk (-0.19%) fell a lot, followed by Seodaemun (-0.28%), Eunpyeong (-0.25%), Seongbuk-gu (-0.25) %) and Gangbuk region also saw a big drop.

In the Gangnam area, Songpa (-0.23%) and Gangdong-gu (-0.17%) decreased a lot, and Gangnam (-0.10%) and Seocho-gu (-0.05%) showed relatively small decreases, but the trade stagnation still there

Seoul’s apartment sales market continues to face record-breaking trade cliffs.

According to the Seoul Real Estate Information Plaza, the number of apartment transactions in Seoul in August was 655, an increase of 10 from July (643).

Apartment prices in not only Seoul, but also Gyeonggi (-0.27%) and Incheon (-0.31%) showed a larger decrease than last week, and the overall metropolitan area showed a rate of change of -0.25%, which was wider than’ last week (-0.23%).

This week’s drop in apartment prices in the metropolitan area is the largest ever since the Korea Real Estate Agency began the market price survey in May 2012.

Apartment prices across the country also fell by 0.20% this week, the biggest drop since the market price survey for the second consecutive week.

Provincial flats fell 0.16% this week.

On the 21st, despite raising regulatory zones such as areas subject to adjustment and overheating speculation, the decline was greater than last week (-0.15%).

Apartment prices in Sejong City, where only the speculative overheating area was raised and maintenance of the regulation of the area subject to adjustment, fell significantly from the previous week (-0.44%), but still recorded -0.40% , a significant reduction.

Daejeon (-0.29%), Daegu (-0.26%) and Ulsan (-0.24%) also fell a lot.

Jeonse prices for apartments across the country fell by 0.21% this week, a further drop from last week (-0.19%).

Although this is the moving season in the fall, most of them have switched to renewing contracts, and the demand for new movement has decreased significantly.

The price of an apartment in Seoul fell by 0.18%, the biggest drop in three years and seven months since the survey in the third week of February 2019 (-0.22%).

Record-breaking trade cliff... Seoul apartment prices fall the most in 10 years

/happy news

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