Apartment prices in Seoul have fallen sharply this week, marking the biggest drop in a decade.

According to the Korea Real Estate Board on Thursday, apartment prices in Seoul fell by zero-point-two-seven percent in the third week of October.

It is the steepest slump since the second week of June in 2012 when prices fell by zero-point-three-six percent.
 
Apartment prices in Seoul have been on a steady decline for 21 weeks since the last week of May.

The board said that it foresees the downward trend in prices extending. It noted the market's concerns for a deteriorating real estate market as additional key rate hike expectations feed into a wait-and-see attitude for home buyers.