[Asia Economy Reporter Ryu Tae-min] The Seoul apartment sales supply and demand index has fallen for 13 consecutive weeks. As the financial market slows down due to interest rate hikes and other factors, housing purchase sentiment is also weakening.
According to the Korea Real Estate Board on the 7th, the Seoul apartment sales supply and demand index for the first week of August was 84.6, down 0.4 points from last week (85.0). This is the lowest figure in about 3 years and 1 month since the survey on July 8, 2019 (83.2). The sales supply and demand index generally indicates that the lower it is below the baseline (100), the more sellers there are in the market compared to buyers.
By region, the Northeast area, which includes 'No·Do·Gang' (Nowon, Dobong, Gangbuk), saw the largest drop, with the index falling 0.9 points from 78.9 last week to 78.0. The Northwest area, including Eunpyeong, Seodaemun, and Mapo districts, recorded 78.0, down 0.6 points from last week (78.6).
The Southeast area, which includes the Gangnam 3 districts (Gangnam, Seocho, Songpa), also declined from 91.9 to 91.6. The Southwest area, including Yeongdeungpo, Yangcheon, Gangseo, and Dongjak districts, fell from 89.7 last week to 89.4 this week.
On a metropolitan area basis, the index recorded 87.5, down 0.4 points from last week. This metropolitan area figure is also the lowest in about 3 years since July 15, 2019 (86.9). Both Gyeonggi (89.6→89.2) and Incheon (87.4→87.2) declined compared to last week.
Meanwhile, the Seoul apartment jeonse supply and demand index fell 0.4 points from last week (91.9) to 91.5.
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