"Can I Visit Houses After Work?"... Concerns About 'Imjang' During Quarantine Level 4

[Image source=Yonhap News]

With a de facto curfew imposed in the Seoul metropolitan area banning gatherings of three or more people after 6 p.m., real estate agencies are also facing difficulties. The traditional summer off-season combined with strengthened quarantine measures has led to a decrease in foot traffic, raising concerns about a further deepening of the transaction freeze.

According to the real estate industry on the 12th, frontline real estate agencies have begun strengthening their own quarantine measures, encouraging consumers to conduct property visits ("imjang") during the daytime in accordance with the implementation of Level 4 social distancing in the metropolitan area. Under Level 4 social distancing, only up to two people are allowed to gather after 6 p.m.

However, since most real estate transactions involve at least three people gathering?the contracting parties and the agent?frontline agencies are facing serious concerns.

A representative from A Certified Real Estate Agency in Yeomchang-dong, Gangseo-gu, Seoul, said, "We recommend conducting apartment lease, rental, and sales contract-related site visits during the daytime rather than in the evening whenever possible." However, it is problematic for dual-income couples and others who find daytime visits difficult due to circumstances. The representative added, "Most office workers tend to visit properties after work, but visits after 6 p.m. are difficult, so we are still considering countermeasures."

The head of B Certified Real Estate Agency in Dangsan-dong, Yeongdeungpo-gu, said, "The agent can guide clients to the property location, and only the contracting parties can tour the interior, which might be a way to respond."

There are also concerns that the strengthened distancing measures could negatively impact the already sluggish real estate transaction market. The head of B Certified Real Estate Agency said, "In fact, inquiries about leases, rentals, and sales have already decreased, so we are anxious that this measure might further suppress transactions."

Meanwhile, according to the Seoul Real Estate Information Plaza, the volume of apartment sales transactions in Seoul has been decreasing every month this year. The transaction volume, which was 7,538 in December last year, dropped to 5,789 in January this year and further fell to 4,783 in May.