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As interest rates rise, the real estate market is increasingly freezing.
The total number of apartment purchases and sales in Seoul last month is less than 1,000.
As of the month of June, this is the first time this has happened, but many experts interpret it as a signal that house prices are falling.
Correspondent Han Sang-woo.
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These days, real estate brokerage offices in Seoul are virtually closed.
[Seoul Mok-dong real estate agent: (Did you trade this month?) Zero, I am not in the complex.
None at all.
(Did you do (trading brokerage) in June?) It wasn't there in June, but it was in May.
It's serious.
Now.]
There has been no sale for two months in the entire 1,500-unit complex in Mok-dong, Seoul, which is undergoing reconstruction.
The total number of transactions in Seoul last month was 994, the lowest in June since statistics began to be compiled in 2006.
Even compared to 2010, when the global financial crisis started a full-fledged real estate recession, it is less than half.
With only 136 cases so far in July, it is also likely to be an all-time low.
When the house price rises, the number of transactions increases, and when the number of transactions decreases, the house price has fallen.
The number of people selling their houses is still there, but as the number of people who want to buy has decreased, the number of properties for sale in Seoul has increased by more than 50% in one year.
Enlarging an image
House prices in Seoul have fallen for seven weeks in a row, and the atmosphere at the site is more gloomy.
[Kim Gyu-gyu/Director of Korea Investment & Securities Asset Succession Research Institute: As the state of disruption in trading continues, the downward pressure on prices will increase.
However, if you go to the site, the price adjustment may be larger than the actual indicator...
.]
As a large interest rate hike is expected in the future, the weakness in the real estate market is expected to continue for a while.
(Video editing: Seung-Yeol Lee, VJ: Young-Sam Jeong)