Apartment Sales in Seoul Drop to Record Low

Hardly any apartments in the capital are changing hands due to the summer holidays and record flooding. 

According to the Seoul Metropolitan Government, only 605 apartments were sold in Seoul in July, down a whopping 87 percent from 4,679 transactions in the same month last year. There are still about 10 days left before the monthly transaction reporting deadline, but that is likely to be the lowest number on record. 

This month, a mere 122 apartments have changed hands in Seoul so far. The number of transactions in all of Seoul's 25 districts was in the single digit, except Yeongdeungpo and Gangseo (11) and Gangnam (10). No apartment at all sold in Yongsan.

The government is trying to galvanize the market. Analysts expect that either the acquisition tax rate for multiple home owners will be slashed or housing loan regulations eased for first-time buyers.