Seoul Apartment Sales Plummet

Published on 2018/06/17 | Source

Sales of apartments have plunged in Seoul, dwindling to just one-ninth of the same month last year in the upscale district of Gangnam.

A total of 1,883 apartments or a daily average of 156 were sold in the capital between June 1 and 12, according to the city's real estate information website.

That was down 13 percent from 179 daily transactions a month earlier and a whopping 67 percent from 477 a year ago.

Gangnam, Gangdong, Seocho and Songpa south of the Han River took the brunt of new government curbs on real estate speculation. A mere 3.8 transactions per day took place in Gangnam so far this month, compared to 34.3 on daily average in June last year.

"Even bargain homes put up for urgent sale don't sell. Owners of multiple homes are reluctant to put their property on the market for fear of heavy taxes, and would-be buyers are taking a wait-and-see attitude in anticipation of prices falling", said Kim Eun-jin at Real Estate 114.