July 14, 2021 12:43
Sales of low-rise flats have surpassed sales of high-rise units in Seoul as homebuyers cast their snobbery overboard in an overheated market.
According to the Seoul Metropolitan Government, 4,522 low-rise flats were sold in the capital last month but only 3,010 of the traditionally favored high-rise apartments.
They first outstripped high-rise apartments in January, but now the gap has widened to more than 1,000 as real estate investors snap them up in areas designated for redevelopment in the hope of making a juicy profit once prices rise.
Another reason is that apartment sales have tapered off since early this year due to punitive taxes and curbs on home loans.
By district, the most low-rise flats were sold in Eunpyeong (551), Gangseo (415), Dobong (326) and Gangbuk (323), where prices are more affordable and redevelopment is imminent.
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