Apartment Prices Drop in All of Seoul

Apartment prices in all of Seoul's 25 districts have dropped to their lowest point in three years and five months.

According to the Korea Real Estate Board on Thursday, apartment prices in the capital fell 0.09 percent this week, down for the 12th week in a row.

Prices dropped most in low- and medium-priced apartment complexes in Nowon (-0.21 percent), Dobong (-0.20 percent), and Eunpyeong (-0.18 percent) on the edges of the city. Even in Yongsan and Seocho, which were stagnant until last week, prices dropped 0.01 percent this week. Prices in Seocho fell for the first time in six months.

"There are almost no inquiries about apartments probably because of the peak summer holiday season and recent floods," the board said. "No one wants to buy although low prices are offered."

Prices also fell steeply in Incheon (-0.18 percent) and Gyeonggi Province (-0.12 percent), where many apartments are put up for sale. Across the entire capital region, prices fell 0.12 percent on average the lowest since February 2013.

Meanwhile, the average jeonse or deposit lease price for apartments in the capital region fell 0.1 percent.

Park Won-kap at KB Kookmin Bank said, "It seems that apartment prices will keep falling for the time being even in the Gangnam area because of high interest rates."