Apartment prices in the capital city of Seoul have dropped for the 14th straight week, the longest sustained period of decline since a housing market recession in 2013.

The Korea Appraisal Board said Thursday that as of Monday, apartment prices in Seoul were down zero-point-07 percent from the previous week, extending a downward trend that stretches back to late November.

The sustained drop in prices is believed to be due to dampened market sentiment on the part of buyers affected by stiff loan regulations, higher taxes and an increase in appraised land values. 

In 2013, Seoul apartment prices dropped for 14 consecutive weeks between May and August amidst extreme stagnation in home transactions.