August 05, 2022 13:30
Apartment prices in Seoul are on a downward spiral for the 10th week in a row. Even in the upscale district of Seocho south of the Han River they have finally stopped rising.
According to the Korea Real Estate Board on Thursday, prices in Seoul this week were down 0.07 percent on-week.
In April and May, when prices in most districts in Seoul took a downturn, only those in Seocho continued to rise. But they topped out this week after rising another 0.01 percent last week.
Prices in all districts except Seocho and Yongsan fell, with prices in Gangbuk plummeting the most at 0.16 percent, followed by Seongbuk, Seodaemun, Dobong and Nowon north of the river (0.15 percent), where midrange apartments are clustered.
"Sale prices in large apartment complexes are going down in anticipation of further interest rate hikes," the board said.
Prices are dropping faster nationwide, with the decrease rate growing from 0.08 percent last week to 0.09 percent this week in Gyeonggi Province and from 0.1 percent to 0.11 percent in Incheon. In Gyeonggi, prices dropped the most at 0.26 percent in Gwangju and in Suwon's district of Yeongtong.
In Incheon, prices fell a dramatic 0.15 percent in the district of Yeonsu, which includes the international business district of Songdo. On average across the greater capital region prices fell 0.09 percent.
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