Declining High-Priced Apartment Sales and the Exodus from Seoul
In August 2024, apartment sales in Seoul, particularly high-priced properties, saw a significant decline. In August 2024, apartment sales in Seoul, particularly high-priced properties, saw a significant decline. Rising prices, combined with the government's tightening of loan regulations, have led some buyers to look beyond Seoul and towards the surrounding regions of Gyeonggi and Incheon. This post will explore the recent changes in Seoul’s real estate market and the growing trend of homebuyers moving to the outskirts. Seoul's apartment market, which had been steadily increasing in sales earlier this year, saw a sharp decline in August, particularly among high-priced properties. Sales of apartments priced over 900 million won hit their peak in July with 5,160 transactions but have since dropped to 3,295 in August and just 598 in September. In January, there were only 1,215 such transactions, highlighting the rapid growth followed by the sudden slowdown. This decrease in sales...