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Apartment prices continue to rise despite government efforts at control

All News 10:26 January 11, 2018

SEOUL, Jan. 11 (Yonhap) -- The total market value of apartments in Seoul increased nearly 100 trillion won (US$93.45 billion) last year to more than 860 trillion won, according to a leading real estate website Thursday, undercutting government measures to bring the chronic problem under control.

R114.com estimated the market value of apartments in the capital at 867.6 trillion won as of end-2017, up 99.8 trillion won (13 percent) from the close of 2016.

The total for all apartments in the country rose 9.2 percent to 2,365.6 trillion won.

The Moon Jae-in administration last year intervened to calm the highly speculative real estate market, limiting bank loans and inducing owners of multiple homes to sell their properties.

Despite such actions, prices for apartments in Gangnam ward, in southern Seoul, a posh district of the capital with premium real estate, jumped 13 percent to a total market value of 139.59 trillion won, the most expensive part of the city, according to data provided by R114.com. The overall price in the entire southern section of Seoul increased 10.3 percent in 2017.

The pace of increase was biggest for the downtown area of Seoul. Apartments in Jongro ward jumped 48.5 percent to a total market value of 7.9 trillion won.

Outside of Seoul, the market value in Daegu, some 302 kilometers southeast of Seoul, increased 7 percent to 123.68 trillion won. For the major port city of Busan, about 453 kilometers southeast of the capital, value rose 5.5 percent to 173.56 trillion won.

In Gyeonggi Province surrounding Seoul, value climbed 7.6 percent to 660.92 trillion won.

Apartment prices continue to rise despite government efforts at control - 1


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