Korean property restrictions lifted in all areas but four
Real estate restrictions have been lifted in all areas except Seoul and Seongnam, Hannam and Gwangmyeong, all in Gyeonggi province. The adjustment comes as the number of transactions dropping and prices beginning to decline.
Apartment prices in Seoul fell for 19 straight weeks, according to the Korea Real Estate Board on Thursday. Prices fell 0.21 percent this week, the biggest drop since Dec. 3, 2012.
Apartments from Namsan in central Seoul on Thursday. Apartment prices in Seoul inched down 0.02 percent in the week to Feb. 14 compared to a 0.01 percent decline in the previous week
Starting to stabilize?
Prices of apartments are calming down, and even falling in some districts, as demand to buy homes dramatically decreases in the greater Seoul area.
A man looks at notices of apartments on sale posted on a window at a realtor's office in Seoul on Sunday.
The entrance to the gated apartment complex Paarc in Hannam, central Seoul, on Monday. A 268.67 square-meter (2,892 square-foot) Paarc apartment was sold for 10.8 billion won ($9 million) on Sept. 9, a new record for the high-end complex.
According to KB Kookmin Bank on Tuesday in its monthly housing market report, the average price of residential units including apartments in Seoul exceeded 800 million won ($711,420) for the first time.
According to Zigbang, a real estate information app, the average selling price of apartments in Apgujeong-dong was about 3 billion won ($2.7 million) last year, the highest among all 3,535 neighborhoods in the country.
900 million won ain't what it used to be in property market
Even if you manage to get your hands on 900 million won ($800,000), you still would have just a 50-50 shot at an apartment in Seoul.
Spending more to rent than buy an apartment
Mr. Han, 45, who owns a 56-square-meter (603-square-foot) apartment in Dobong District, northern Seoul, can’t sleep well these days. He wants to sell his apartment, and is willing to sell cheap. But no one wants to buy.