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Home Transactions in Seoul Lowest in 5 Years

Write: 2018-11-10 13:24:06Update: 2018-11-10 13:25:34

Home Transactions in Seoul Lowest in 5 Years

Photo : YONHAP News

The real estate market in Seoul that was overheated until this summer has rapidly frozen in just two months.

Following government measures on September 13th aimed at stabilizing the housing market, the transaction volume has reduced due to stronger regulations on bank loans.

Many properties are being put up for sale.

According to weekly housing market trends tallied by a local realtor, the real estate transaction index in the capital city stood at four-point-zero as of Monday, the lowest in more than five years since three-point-two was recorded in August 2013.

The index measures the level of home transaction volume by surveying some 35-hundred real estate agencies in Seoul.

A reading above 100 means trade is brisk, while below 100 means trade is slow.

The index reached as high as 65-point-seven in late August this summer.

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