S. Korea housing market sees biggest price drop in 13 years and 10 months

기사입력 : 2022-11-16 09:39

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Photo=NEWSIS
Photo=NEWSIS
Housing prices have continued to decrease to the level of the global financial crisis due to interest rate hikes and economic slowdown.

Apartment prices across the country and in the metropolitan area have hit the all-time lowest level.

According to a research conducted by the Korea Real Estate Agency on Tuesday, the sales price of houses fell 0.81% last month from the previous month.

This is the largest drop in 13 years and 10 months since December 2008 (-1.39%), when the global financial began due to the collapse of Lehman Brothers.

House sales prices across the country (-0.77%) and the Seoul metropolitan area (-1.02%) also fell from the previous month, the largest drop since December 2008 (-0.78%, -1.17%, respectively).

House prices in Gyeonggi Province fell 1.10% from the previous month and Incheon fell 1.29%, exceeding 1% of the monthly decline.

Recently, house prices have continued to fall as the number of home buyers significantly decreased due to interest rate hikes.

In particular, apartment prices in Seoul fell 1.24%, exceeding 1% this month. This is the largest decline since December 2008 (-1.73%).

Apartment prices across the country and in the Seoul metropolitan area fell 1.20% and 1.52%, respectively, last month, the biggest monthly drop since the Korea Real Estate Agency began a research in December 2003.

Although the government has recently eased lending rules and other regulations three times this month, housing prices in the five metropolitan cities and provinces, where all regulations have been lifted since at the end of September, fell 0.88% and 0.55%, respectively, compared to the previous month (-0.64%, and -0.35%).


By Global Economic Reporter Yong-seok Jang ; Translate by Gounee Yang