Seoul Apartment Sales Hit Record Low Amid Uncertainty

Seoul's apartment market cratered last month, with the number of monthly transactions plummeting below 1,000 for the first time since records began in 2006.

Many people seem to be watching prices and taking a wait-and-see attitude as they want to see what changes the new government's real estate policies will bring after the presidential election, which was held on March 9.

The Seoul Metropolitan Government said Sunday there were only 786 apartment sales in the capital in February, down 28 percent from 1,085 the previous month and a whopping 80 percent from 3,841 a year earlier.

In March, there have been as few as 354 sales so far. 

Apartment transactions in Seoul have dwindled for seven months in a row since last July (4,681) amid skyrocketing prices, new lending curbs and rising interest rates, and the market uncertainty has just added to people's woes.

Realtors speculated that many would-be homebuyers will take action after the new government's housing policies become clearer.