Apartment Prices Start to Rebound chosun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from chosun.com Daily Mail and Mail on Sunday newspapers.
While banks are announcing plans to lower interest rates on loans one by one following visits by the top financial regulator, concerns are being raised that the “pressure” on the banks to lower interest rates contradicts the recent key interest rate hikes and possibly more rises in the future.
July 08, 2021 12:24
The price gap between apartments in Seoul and other provinces has widened to more than W700 million since President Moon Jae-in took office in 2017 (US$1=W1,137).
The reason was a spate of failed government policies aimed at combating property speculation in the capital region amid a dire housing shortage.
According to KB Kookmin Bank on Thursday, the average sale price of an apartment in Seoul last month stood at W1.14 billion, up around W500 million or 85 percent from four years ago. But apartment prices in five major cities outside of the capital rose only by W100 million or 39 percent, from W263 million to W364 million.
April 27, 2021 11:16
The average price of apartments in Seoul has surpassed W1.1 billion for the first time, just seven months after it exceeded W1 billion (US$1=W1,110).
According to KB Kookmin Bank on Monday, they cost W1.1 billion on average this month, a leap of W11.3 million from just a month earlier.
Prices have soared 83 percent in the four years of the Moon Jae-in administration from W607.1 million in May 2017. Prices of luxury apartments cooled slightly, but those of mid-priced properties rose steeply.
/Newsis
The average price of the top 20 percent fell from W2.12 billion the previous month to W2.09 billion this month, but all the rest kept rising.