Seoul Apartment Prices Drop Further

  • By Ahn Joon-ho

    April 20, 2020 13:17

    Apartment prices in Seoul declined for a fourth week last week as potential buyers twiddled their thumbs in hopes of a further slide.

    A substantial decline in the affluent Gangnam area also triggered a slide in areas north of the Han River like the Nowon and Dobong districts.

    According to property information service Real Estate 114 on Sunday, overall apartment prices in Seoul edged down 0.04 percent last week.

    In Seocho south of the river they fell the most by 0.14 percent, followed by Gangnam proper with 0.12 percent, Gangdong with 0.11 percent and Songpa with 0.08 percent. Yongsan prices fell just 0.01 percent.

    Yeo Kyung-hee at Real Estate 114 said, "The ruling party's sweeping victory in the general election slashed hopes of apartment price growth as restrictions are expected to get tougher. Multiple-home owners who have been weighing whether to sell off their properties will put them up for sale during the grace period until late June to avoid higher taxes, while potential buyers will take a wait-and-see attitude."

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