Ministry reports 4.1% decline in posted price of aparrtments

The average posted price of apartments across the nation has fallen 4.1 percent this year compared to 2012, the Ministry of Land, Infrastructure and Transport said yesterday.

The posted price is used by the government to set tax rates on properties. Apartment prices in Seoul Metropolitan areas slid the most. Seoul saw the price decline by the highest rate of 6.8 percent due to the economic downturn, delays in several renovation plans, relocation of the government complex and contraction in real estate investment, the ministry said.

Incheon showed a 6.7 percent fall because of increases in new apartments in Songdo and less-than-expected effects of hosting the Global Climate Fund.

On the other hand, prices in Sejong, the new city of government offices, jumped 8.9 percent, owing to rising demand for apartments. Jeju also saw a 5.5 percent increase in the average price due to a lack of apartment supply triggered by an influx of outside investors. Last year, the national average price of apartments climbed 4.3 percent.