February 21, 2022 13:40
Experts are divided whether real estate prices are going to go up or down amid the endless confusion of government policies designed to tame the market.
Most realtors expect housing prices to decline this year, but developers, academics and financial experts think they will rise even further.
KB Financial Group polled 527 realtors and 161 market watchers and found that two-thirds of realtors expect home values to drop this year, while most experts forecast that they will keep rising nationwide. In the same survey last year the vast majority expected prices to rise, as indeed they did.
Narrowed down to the Seoul metropolitan area, 47 percent of respondents expect a decline, but 53 percent forecast even more growth.
Asked when they expect the real estate market to stabilize, many said the first half of 2023, followed by second half of this year. Market sentiment has weakened considerably due to tightened housing loan restrictions and rising interest rates.
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