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In response to skyrocketing apartment prices in Seoul, the government plans to reduce mortgage limits starting next month. In response to skyrocketing apartment prices in Seoul, the government plans to reduce mortgage limits starting next month. This new regulation aims to cool down the housing market, but experts believe it might not be sufficient. While transaction volumes are expected to decrease and gap investment may become more challenging, experts predict that apartment prices may continue to rise, and rent prices might soar further. The South Korean government is implementing stricter mortgage limits starting in September to address the rapidly increasing apartment prices in Seoul. This move is part of a broader effort to stabilize the housing market, which has seen a significant surge in prices. Key Changes in Mortgage Limits From September 1, the Financial Services Commission will introduce a second stage of the debt-to-service ratio (DSR) system. Under this new rule, homebuy...

The Seoul apartment market is currently experiencing a surge in activity, with both transaction volumes and prices rising sharply The Seoul apartment market is currently experiencing a surge in activity, with both transaction volumes and prices rising sharply. The heating up of property prices, which began in Seoul’s Gangnam area, has now spread to the 'NoDoGang' region (Nowon, Dobong, and Gangbuk districts). This post explores the latest trends in Seoul’s apartment market, the changes in 'NoDoGang,' and future outlooks. The Seoul apartment market has reignited with vigor. In July 2024, apartment transactions in Seoul totaled 7,945, approaching 8,000 transactions. This represents the highest transaction volume in four years since July 2020. The increase in Seoul’s apartment prices has been steep, with some areas experiencing price hikes to the extent where people are saying, “I woke up and the house prices had risen.” According to a real estate agency in Sangye-dong, No...

Seoul's apartment prices have been on a continuous rise for 18 weeks Seoul's apartment prices have been on a continuous rise for 18 weeks, fueling concerns of a housing market overheating. While the government has pledged to implement various policies to stabilize prices, experts suggest that achieving short-term relief may be challenging. This blog explores the causes behind the surge in Seoul's apartment prices, the government's response, and future outlook. Recently, the Seoul apartment market has been experiencing an extended upward trend, with prices rising for 18 consecutive weeks. According to the Korea Real Estate Board, the average apartment sales price in Seoul increased by 0.3% compared to the previous week, marking the highest growth since September 2018. Additionally, rental prices have risen for 62 weeks in a row, reflecting the market's overheating conditions. One key factor driving this price surge is the government's economic stimulus measures....