Lockdown Spurs Sales of Bigger Apartments

      January 30, 2021 08:31

      Sales of medium-sized and large apartments are rising again after being shunned in favor of smaller homes, perhaps because people prefer a little more space in lockdown.

      According to the Korea Real Estate Board early this week, 8,764 apartments were sold last month, up 85.5 percent compared to the previous month. Sales of apartments measuring more than 85 sq.m surged 95.8 percent, while those of apartments measuring 61 to 85 sq.m increased 85.1 percent and those of small apartments under 60 sq.m 81.8 percent.

      The proportion of medium to large apartments rose from 13.8 percent in March last year, when the coronavirus pandemic just started, to 18.1 percent in December.

      Prices increased markedly. Those of apartments measuring more than 135 sq.m increased 0.12 percent a week for five weeks.

      One reason for the trend is that people want more space if they are going to be cooped up at home all the time due to the coronavirus epidemic, but a shortage of smaller spaces is also a factor.

      Pundits said prices of small to mid-sized apartments increased a lot over the last three to four years, narrowing the gap with medium to large-sized apartments, while a crackdown on multiple-home owners boosted the preference for one large home instead of several small ones. 

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