South Korea's Housing Market Sees Cooling Prices, Regional Disparities
LEE YEON SIL Reporter
| 2024-11-15 08:30:25
Seoul, South Korea – South Korea's housing market has shown signs of cooling, with the latest data from the Korea Real Estate Board indicating a halt in the nationwide apartment price growth that had persisted for 22 weeks.
According to the report released on November 14th, the average apartment price remained unchanged compared to the previous week. While Seoul continued to see prices rise for the 34th consecutive week, the pace of growth slowed down for the fourth consecutive week.
Regional Disparities
The housing market exhibited significant regional disparities. While high-end apartments in Gangnam district, where mortgage regulations have a relatively smaller impact, continued to see price increases, other districts showed a more moderate pace of growth. Areas with a high concentration of mid-range apartments, such as Guro, Gangbuk, and Jungrang districts, experienced slower price growth compared to the Seoul average.
Impact of Mortgage Regulations
The slowdown in price growth is largely attributed to tightened mortgage regulations, which have dampened buyer sentiment. The number of apartment transactions in Seoul decreased by 53.2% in September compared to the previous month, reflecting the impact of these regulations.
Rental Market
The rental market also showed signs of cooling, with the nationwide apartment rent increasing by 0.04%. While Seoul's rental prices increased by 0.05%, the pace of growth slowed down compared to the previous week.
[ⓒ Global Economic Times. 무단전재-재배포 금지]
WEEKLY HOT
- 1Rising Migratory Birds Spark Heightened Bird Strike Alerts Across South Korean Airports
- 2Rising Tides and Relocated Homes: The Looming Reality of Climate Migration in the South Pacific
- 3Incheon Champions 2045 Carbon-Neutral Future on Global Stage at COP31
- 4Global Carbon Emissions Continue to Rise Despite Fossil Fuel Dip, Report Warns
- 5Policy Gridlock Worsens: Seoul and Central Ministry Clash Again, Threatening Public Projects
- 6Fate of Nvidia Chief Jensen Huang in the Hands of Prominent Korean-American Ex-Prosecutor