The Seoul real estate market continue on a downward
Optimists claimed Seoul home prices have finally bottomed out
/NOVOSTIVL/ The Seoul real estate market, particularly the apartment market, has continued on a downward spiral over the past several months but some market observers say that it is bottoming out as the real estate confidence index slightly recovered for the first time in five months. This article appeared in The Korea Times.
A few apartments were also traded at higher prices than anticipated, raising expectations that home prices have finally hit rock bottom.
Market experts say, however, the recovery is likely temporary since it is now moving season and the downtrend will probably continue for a while.
Optimists claimed Seoul home prices have finally bottomed out, but experts said they're exaggerating the situation based on a few transactions in the Gangnam district.
The government plans to supply new apartment buildings able to hold up to 50,000 households in Seoul by the end of the year to stabilize home prices.