Apartment Sales in Seoul Cool Drastically

Published on 2019/02/03 | Source

Tougher regulations on home sales in the capital have caused the overheated apartment market to slump to levels not seen since the global financial crisis.

According to the Ministry of Land, Infrastructure and Transport on Monday, only 1,771 apartments were sold in November of last year, the lowest for that month in 10 years and just one-eighth of the number in August, just after the government announced the new curbs.

More recent figures are not exact since home buyers have three months to report their purchase, but as of Monday reported December sales stood at 1,147 and sales in January this year at a mere 349.

An official at the Korea Association of Realtors said, "The market is showing no signs of improving this month, and it's tough for realtors".

According to the association, 1,420 estate agents shut up shop across the country last month, outnumbering the 1,343 who newly opened for business.