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Biz News Korea(Eng)
S. Korea’s apartment pricing turns lower in 2 years
- Collected
- 2016.03.17
- Distributed
- 2016.03.18
- Source
- Go Direct
The bank said the price of mid- or high-priced apartments where many of Korea’s middle class reside dropped the most, and the average apartment sale price in Daegu, the fourth largest city in the country, contracted for the first time in about four and a half years.
According to the housing price statistics released by KB Bank on Wednesday, the median sale price of apartments in February amounted to 288.03 million won ($241,535), down by 170,000 won from 288.20 million won in the previous month. This is the first time for the median apartment price has contracted since May 2014.
The median price of apartments in Seoul declined 1.33 million won to 539.48 million won in February from 540.81 million won in January, marking the first drop since December 2014. The average sale price of apartments in the upper 20 to 40 percent range fell 110,000 won to 626.83 million won in February on-month while the average apartment price of the upper 20 percent group also slid 890,000 won on month to 1.054 billion won in February.
“The latest date suggests that the country’s apartment sale price is falling faster than (market’s) expectation,” said Kang Min-seok, head of real estate market study at KB Financial Group’s management research institute.
By Lim Young-sin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]