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Fall of housing prices forecast in 2017: survey

All News 15:44 January 06, 2017

SEOUL, Jan. 6 (Yonhap) -- Nearly half of South Koreans forecast the fall of housing prices in the country this year due to the continued economic slowdown, a survey showed Friday.

About 43 percent of the 1,004 respondents predicted a drop in housing prices for the coming year, according to the survey conducted by Gallup Korea on Wednesday and Thursday.

Only 20 percent expected a rise in home prices for this year, while 32 percent said housing prices will remain unchanged during the same period.

As many as 76 percent said they did not think this year is the right time for the purchase of homes, while 10 percent wanted to buy homes this year.

Despite the dismal outlook for the housing prices, 41 percent predicted a surge in rent and jeonse fees, a returnable lump sum deposit unique to South Korea. Those who expected falling rent and jeonse fees remained less than 19 percent.

The majority of those polled (63 percent) said they need to own their homes, while 36 percent did not feel the need to have their own homes.

Fall of housing prices forecast in 2017: survey - 1


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