Seoul apartment prices dip to 75-week low on new measures

2017.08.11 13:13:14 | 2017.08.11 13:15:56
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A set of multiple government regulations to contain runaway home prices on Aug. 2 splashed cold waters in the heated market, pushing apartment prices in Seoul to their lowest in 75 weeks.

The government bundled up loan and trade regulations in its latest measures by categorizing Seoul, Gyeonggi Province, Gwacheon and Sejong City as speculative zones.

Nationwide apartment prices on average edged up 0.01 percent from a week ago as of Monday, sharply slowing from 0.1 percent gain in the previous week, data released by Korea Appraisal Board showed on Thursday.

Seoul was hardest hit among the areas on the speculative watch list. Apartment sales price fell 0.03 percent, reversing from 0.33 percent gain - the fastest growth pace in five years - in the previous week. It was the first time week trade prices fell since Feb. 29, 2016.

The four most overheated districts in southern Seoul - Gangnam, Seocho, Gangdong, and Songpa - all cooled down. The prices of the apartments in the four districts slipped 0.11 percent over a week, turning around sharply from 0.48 percent growth in the previous week.

Seocho recorded the biggest weekly fall with 0.22 percent followed by Gangdong with 0.2 percent. Apartment prices in Gangnam dipped 0.02 percent and those in Songpa 0.05 percent.

On the northern Seoul, Sungdong witnessed the steepest fall of 0.12 percent.

By Chung Soon-woo

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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