Seoul apartment prices 5.11% rise puts additional government measures on the verge of announcement
This year 1From 6through the fifth week of 5.11% and the entire Seoul metropolitan area rose 3.21%. The government is speeding up preparations for additional measures combining supply, taxation and finance.
As housing prices in the Seoul metropolitan area rise rapidly, the government is speeding up preparations for additional real estate measures encompassing supply, taxation and finance. It believes that if market anxiety persists, the policy impact could appear immediately.
Kim Yong-beom, head of policy at Cheong Wa Dae, emphasized "supply no matter what" at a Kwanhun debate last month on 24and on 6he said, "Real estate prices are not looking good. We must urgently find a solution."
According to data compiled by the Korea Real Estate Board, this year 1from 6through the fifth week of , Seoul apartment prices rose 5.11%, while across the entire Seoul metropolitan area they rose 3.21%.
Seoul jeonse prices also rose during the same period by 5.10%, leaving both the sales and jeonse markets showing signs of instability.
The government believes home prices are rising as accumulated supply shortages combine with excess market liquidity. In particular, it is closely watching the possibility that funds released through performance bonuses and employee loans at Samsung Electronics and SK hynix could flow into real estate.
Market forecasts suggest that more than 50trillion won in liquidity could flow into real estate by next year.
Home prices in Hwaseong Dongtan have surged by 13% since the beginning of this year. In response, the government designated Dongtan, Yongin, and Giheung as adjustment target areas, overheated speculation zones, and land transaction permission zones starting this month.
The government has said it is preparing additional measures that will jointly consider supply, taxation, and finance, drawing attention to the announcement of future actions.
Sources: 뉴시스 경제
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