Seoul Apartment Prices Drop Further

Apartment prices in Seoul declined for a fourth week the other day as potential buyers twiddled their thumbs in hopes of a further slide.

A considerable decline in the affluent Gangnam area also triggered a slide in areas north of the Han River like the Nowon and Dobong districts.

According to property information service PROPERTY 114 on Sunday, overall apartment prices in Seoul edged down 0.04 percent last week.

In Seocho south of the river they fell the most by 0.14 percent, accompanied by Gangnam proper with 0.12 percent, Gangdong with 0.11 percent and Songpa with 0.08 percent. Yongsan prices fell just 0.01 percent.

Yeo Kyung-hee at PROPERTY 114 said, "The ruling party's sweeping victory in the overall election slashed hopes of apartment price growth as restrictions are anticipated to get tougher. Multiple-home owners who've been weighing whether to market off their properties will put them on the market through the grace period until late June in order to avoid higher taxes, while potential buyers will need a wait-and-see attitude."