Apartment Prices Drop in Prime Areas

  • By Jin Joong-eon

    February 18, 2022 12:29

    Apartment prices in Gangnam, home to the most expensive real estate in Korea, fell for the first time in a year and three months. And in Yongsan, another high-priced residential district, they also declined for the first time in a year and eight months.

    The reasons seem to be toughened loan restrictions and rising interest rates that dampened demand.

    According to the Korea Real Estate Board on Thursday, apartment prices across Seoul edged down 0.02 percent this week compared to the previous week, a fourth week of declines.

    In Gangnam, which serves as a weathervane of residential property prices in the capital, they edged down 0.01 percent, dropping for the first time since November 2020. In Yongsan they also edged down 0.01 percent as demand dwindled for the first time since June 2020.

    Prices declined in 22 out of 25 districts in Seoul except Seocho, Seongdong and Jungnang. Seocho was the only district in greater Gangnam south of the Han River where apartment prices did not decline. Seongdong and Jungang lie north of the river.

    In surrounding Gyeonggi Province prices also fell 0.02 percent, and in Incheon 0.01 percent, resulting in a 0.02 percent overall fall in apartment prices in the metropolitan area.

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