Real Estate Market Dips into New Slump

The conditions of the real estate market now resemble those seen just before a drawn-out slump that began in 2012, KB Kookmin Bank said Wednesday. At the time, the market underwent a 15-month decline in prices.

Real estate transactions this February plunged 37.7 percent on-year to 43,444. In the Seoul metropolitan region they fell 54.6 percent to 18,390, and in Seoul proper a staggering 74.3 percent.

Apartment sales plunged the most at 42.7 percent, followed by villa complexes (28.2 percent), and individual houses (21.2 percent). Just 1,791 apartments were sold in March, the second-lowest monthly figure after January of 2013.