32nd Real Estate Market Inspection Meeting of Relevant Ministers
Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance. / Photo by Yoon Dong-ju doso7@
[Sejong=Asia Economy Reporter Moon Chaeseok] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, chaired a meeting of related ministers to inspect the real estate market on the morning of the 27th and said, "In some private indicators, the buying trend in the Seoul apartment sales market has weakened for eight consecutive weeks since the third week of August, shifting to a 'buyer’s advantage' where sellers outnumber buyers."
Deputy Prime Minister Hong said, "This is a crucial turning point for stabilizing the real estate market," adding, "We will mobilize all means to stabilize expectations, such as enhancing the speed of housing supply, strengthening liquidity management related to real estate, and eradicating market disruption activities, so that the momentum for price stabilization can spread in earnest."
He revealed that since September, the price increase trend in the metropolitan area and Seoul has been continuously slowing down. Actual transactions of Seoul apartments have seen a significant rise in the proportion of stable or declining prices compared to the previous period since September. The sales supply-demand index, which indicates the supply and demand situation in the real estate market, has also fallen to the level of the end of March. Major institutions’ sentiment indicators, which reflect expectations about future price increases or decreases, have reversed to a downward trend since last month. The Housing Price Outlook CSI released by the Bank of Korea this month also dropped by 3 points to 125.
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