In January of this year, private statistics showed that apartment prices in Seoul fell the most since the foreign exchange crisis.
According to the monthly housing price trend of KB Real Estate on the 30th, the sales price of apartments in Seoul in January fell 2.09% compared to December last year. It is the first time since the financial crisis in May 1998 (-3.72%) that the rate of decline in apartment prices in Seoul exceeded 2%.
By district, Gangdong-gu experienced the biggest drop, down 4.40 percent from December last year. It was followed by Seodaemun-gu (-3.35%), Seongbuk-gu (-2.65%), Dobong-gu (-2.62%), and Nowon-gu (-2.49%).
The price decline continued in the top 50 apartment complexes by market capitalization nationwide. The ‘KB Leading Apartment 50’ index calculated by KB Kookmin Bank in January of this year was 90.1, down 2.17% from December last year. The index is known as an indicator that shows the market atmosphere well, as it includes major large-scale complexes in the metropolitan area, such as Apgujeong Hyundai, Jamsil Jugong, and Maporaemian Prugio. However, since November of last year (-3.14%), the price decline in the top 50 complexes by market capitalization has decreased for two consecutive months.
This month, the housing sales price outlook index in Seoul rose from 51 last month to 65 this month, but the prospect of falling house prices still prevailed. The index surveyed 6,000 brokerages across the country on the prospect of house prices, and if it is below the reference point of 100, it means that more people predict that house prices will decline in three months.
The sales price of housing (including apartments, row houses, multi-family houses, and single-family houses) across the country fell 1.31% from last month (-1.03%), continuing the decline of 1% for the third consecutive month. The price of renting apartments in Seoul fell 3.98% from last month (-3.29%), and the decline increased.
Reporter Lee Buk-bok bless@donga.com
