Housing Prices Down, Key Money Up

Apartment prices have fallen recently in contrast to the increase in key money demanded by apartment owners.
According to an article in the 'Real Estate Bank' on September 13, the national average for apartment prices are down in September at minus 0.16% whereas the key money has risen by 2.56% which is similar to an increase recorded two weeks ago.
In the Seoul metropolitan area, Youngdeungpo district marked the steepest decline at 1.48%, followed by Eunpyong district 1.31%, and Dongdaemun district 0.88%.
In terms of key money (a lump sum paid to the owner of the property in lieu of rent), Seoul's Sungbuk district topped with a 8.33% increase, followed by Kwangjin with 4.14%, and Songpa with 4.12% respectively.
A source from the magazine said, 'Buying and selling prices were initially expected to fall due to few transactions, however the amount of key money will also decline after the moving season (Sept.-Oct.).'