Apartment Prices in High-End Seoul Districts Drop

      December 17, 2021 11:02

      Apartment prices in the high-end districts of Gangnam, Seocho and Songpa as well as Gangdong and Mapo finally started to cool in October.

      The trend reflects a drop in demand amid tougher housing loan restrictions and higher interest rates.

      Some apartment prices dropped more than W100 million (US$1=W1,184).

      According to the Korea Real Estate Board on Thursday, the market prices of apartments in Mapo, Seodaemun and Eunpyeong in northwestern Seoul dropped 0.5 percentage points in October, while prices in Gangnam, Seocho, Songpa and Gangdong south of the river declined 0.03 percentage points.

      /Yonhap

      The last time they dropped was almost four years ago. But the average could be skewed because the sales volume is so small.

      Average market prices across Seoul still rose 0.42 percent in October, but that contrasts with a 2.01 percent jump at the height of the boom in July.

      A staffer at KREB said, "Loan restrictions that went into effect in August, rising interest rates and perceptions that apartment prices have peaked appear to have had an impact."

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