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September saw persistent demand for new mortgage loans despite a long holiday and various financial regulations. September saw persistent demand for new mortgage loans despite a long holiday and various financial regulations. While overall household loan balances have slowed, housing-related mortgage loans remain robust, particularly in the capital area. As such, the Bank of Korea (BOK) faces increasing pressure regarding its upcoming decision on whether to cut the base interest rate. 1. Mortgage Loan Trends in September In September, despite the Chuseok holiday, demand for new mortgage loans in Seoul and the surrounding metropolitan area remained strong. The five major banks reported a total of 7.8 trillion won in new housing-related mortgage loans as of September 26th, with a daily average of 3.41 trillion won. This represents only a 5% decline from August's record-high levels, indicating sustained high loan demand. Given the nature of housing purchases, many buyers had already s...

Unallocated Units at Raemian One Pentas Unsold Prices Set at Twice the General Sale Price Unallocated Units at Raemian One Pentas Unsold Prices Set at Twice the General Sale Price… Market Value Level Association Official: “No Decision Yet on Reannouncement” In the core areas of Seoul, high prices for unallocated units are leading to unsold properties. Despite a continued shortage of new apartments and rental listings, high prices for unallocated units are resulting in even high-value properties in Gangnam being ignored by investors and potential buyers. On the 8th, it was reported that all three unallocated units at ‘Raemian One Pentas,’ a redevelopment project of the Sinbanpo 15th Apartments in Banpo-dong, Seocho-gu, Seoul, failed to sell. An official from the redevelopment association stated, “There were no bidders for the unallocated units during the sale at the end of last month. All three units were unsold, and a decision on whether to reannounce the sale has not yet been made.” T...

The Bank of Korea is grappling with the dilemma of lowering interest rates while dealing with rising household debt and sluggish domestic demand. The Bank of Korea is grappling with the dilemma of lowering interest rates while dealing with rising household debt and sluggish domestic demand. With increasing calls for rate cuts, influenced by potential actions from the U.S. Federal Reserve, the central bank faces challenges in balancing economic recovery with financial stability. The Bank of Korea is considering interest rate cuts amid the challenges of sluggish domestic demand and rising household debt. With the possibility of a rate cut at the upcoming monetary policy committee meeting next month, the central bank is seeking to address these issues. While inflation is stabilizing and economic conditions seem to warrant a rate cut, household debt remains a significant obstacle. Recent inflation has stabilized around the Bank of Korea’s target of 2%, but GDP growth for the second quarter...

The average sale price of apartments in Seoul has doubled in just six years The average sale price of apartments in Seoul has doubled in just six years. Rising costs of raw materials and labor, coupled with shifts in the real estate market, have driven this sharp increase. In this blog, we will analyze the reasons behind the rapid rise in Seoul apartment prices and discuss what we can expect moving forward. The recent surge in Seoul apartment prices has dramatically impacted the housing market. According to data from the Korea Housing & Urban Guarantee Corporation (HUG), the average sale price per 3.3㎡ (1 pyeong) of private apartments in Seoul reached 44,017,000 KRW in July, marking a 100.8% increase from 21,921,000 KRW in February 2018. This means the price has doubled in just 6 years and 5 months. This upward trend is not limited to Seoul alone. The greater Seoul area saw an 81.8% increase, and the nationwide average rose by 80.0%, indicating that areas outside Seoul also experie...

According to a recent survey conducted by Seoul Economic Daily There is a growing expectation that the Bank of Korea (BOK) will maintain its current interest rate. Experts suggest that, given concerns over real estate prices and household debt, any rate cuts might be delayed until October. This article explores the BOK's interest rate policies, their impact on the real estate market, and the anticipated interest rate cuts by the Federal Reserve. According to a recent survey conducted by Seoul Economic Daily, economists and financial experts predict that the BOK’s Monetary Policy Committee, meeting from August 21 to 22, will likely hold the current interest rate steady. 82.6% of respondents believe that the rate will remain unchanged, while only 17.4% expect a rate cut. The primary reason for maintaining the current rate is concerns over rising real estate prices. Over 52.6% of respondents cited ‘real estate prices’ as the main reason for keeping the rate steady, and when including ...

The number of properties going to auction due to unpaid loans is on the rise. Notably The number of properties going to auction due to unpaid loans is on the rise. Notably, the number of collective buildings, including apartments, being subjected to compulsory auctions has reached its highest in 13 years and 8 months. According to data from the Court Registration Information Plaza, there were a total of 13,631 applications for compulsory auction decisions in July. This marks a 24.1% increase compared to the previous month (10,983 applications) and a 46.1% increase compared to the same period last year (9,328 applications). A compulsory auction refers to the process where a creditor takes a property to auction if a debtor fails to repay the principal or interest on a loan secured by that property. Unlike regular court proceedings, a creditor can directly apply for an auction at the court. This typically occurs when financial institutions such as banks are the creditors. The real estat...

The winner of the non-priority subscription for Dongtan Station Lotte Castle The winner of the non-priority subscription for Dongtan Station Lotte Castle, which attracted 2.94 million applicants, has been announced. This unprecedented competition for just one unit highlights the significant market interest driven by the potential for substantial profit margins and the unique characteristics of non-priority subscriptions. Let’s delve into the details of the announcement and the factors behind the overwhelming response. Recently, the non-priority subscription for Dongtan Station Lotte Castle garnered immense attention by setting a record-breaking competition rate. Located in Dongtan 2 New Town, Hwaseong-si, Gyeonggi-do, this apartment saw 2.94 million applicants vying for just one unit with a floor area of 84㎡. The winner was announced at midnight on August 2, and the fortunate individual received a text message confirming their win at 8 AM. The details of the winner have not been disclo...