Slumping Property Market Drives Realtors to Close Businesses

  • By Lim Kyeong-eop

    July 30, 2019 10:56

    Real estate agencies closing their doors outnumbered newly opened ones last month for the first time this year, reflecting a prolonged slump in the housing market.

    The Korea Association of Realtors said on Monday that 1,187 realtors shut down their businesses in June, compared to 1,157 realtors who opened for business.

    The last time there were more realtors who left the business than those who entered it was December last year, as the housing market was affected by the government's measures to crack down on real estate speculation implemented in September that year.

    The number of home transactions stood at 314,108 in the first half of this year, down 28.2 percent on-year from 437,395.

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