Concerns Over Hard Landing in Real Estate Market Spread... Real Estate Ministers' Meeting to Be Held Tomorrow

Photo by Yonhap News

Amid growing concerns over a hard landing in the real estate market, the government will hold a Real Estate Ministers' Meeting on the 10th.

According to related ministries on the 9th, the government will hold the 3rd Real Estate Ministers' Meeting tomorrow, chaired by Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho.

Minister of Land, Infrastructure and Transport Won Hee-ryong, Director of the Office for Government Policy Coordination Bang Moon-gyu, Chairman of the Financial Services Commission Kim Ju-hyun, Vice Minister of the Ministry of the Interior and Safety Han Chang-seop, and Governor of the Financial Supervisory Service Lee Bok-hyun are expected to attend.

Recently, the real estate market has fallen into an unprecedented transaction freeze, and the decline in apartment prices is also prolonging.

According to a survey by the Korea Real Estate Board, the cumulative actual transaction price change rate nationwide from January to August this year has already recorded -5.16%, -6.63% in Seoul, and -7.65% in the metropolitan area, marking the largest decline for the same period on record.

As of last week, apartment sale prices in Seoul have fallen for 23 consecutive weeks, and apartment sale and jeonse prices nationwide, in the metropolitan area, and in local areas, as well as jeonse prices in Seoul, recorded the largest drop since the Korea Real Estate Board began price surveys in May 2012.