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.
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.
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.
Despite government claims that real estate prices have been stabilized, the average selling price for an apartment in Seoul exceeded 1 billion won ($852,000) for the first time in a single month.
The price gap between apartments on either side of the Han River remains as wide as ever.
Despite government efforts to drive down real estate prices especially in Seoul, a new record has been hit for the number of apartments selling for more than 100 million won ($85,000) per 3.3 square meters.