International Real Estate Update: The Korean Real Estate Market in a slump
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This bit of news was relatively predictable, but the Korean Real Estate market is finally cooling down…in a big way. According to the JoongAng Daily from October 31st, 2007, “The Ministry of Construction and Transportation said yesterday that sales of existing apartments totaled 29,612 in September compared to 56,580 a year ago.” “Gangnam, Seocho and Songpa — dropped to 445 in September compared to 1550 a year ago.”
Another interesting statistic from the article was that an 828 square foot unit in Gangnam’s Daechi-dong sells today for about $1,000,000 (960 million won) vs. approximately $145,833 less than June of last year (1.1 billion won). It shows that the lack of demand has made this unit drop about 12-13% from last year.