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Like hotcakes

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The view of apartments in Gangdong District, southeastern Seoul, which was included in the four major districts - along with Gangnam, Seocho and Songpa - where the government decided to ban the sale of purchasing rights on pre-construction apartments on Thursday. The target is to cool the heated real estate market, particularly in popular neighborhoods, to curb rising household debt. But while new sales of pre-construction apartments are expected to struggle, pre-construction apartment sales that were held across the country on Thursday drew large crowds. At one such sale in Sejong, the competition for an apartment unit was 248 to 1, while in Yongsan District, central Seoul, it was 156 to 1. Even one in Busan attracted competition of 224 to 1. [NEWSIS]

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