Logo of Phnom Penh Post newspaper Phnom Penh Post - Seoul’s housing price hike stable among major cities, says gov’t

Seoul’s housing price hike stable among major cities, says gov’t

Content image - Phnom Penh Post

Seoul’s housing price hike stable among major cities, says gov’t

In an apparent move to advocate the incumbent South Korean government’s real estate measures, the Land Ministry said on Tuesday Seoul’s housing prices had grown at a stable rate for the past five years, compared to fluctuations observed in real estate transaction prices in other major cities.

Seoul saw an average 18.9 per cent rate fluctuation in its housing price from 2014 to last year, according to the data, which was released as part of a seminar co-hosted by the ministry and the state-run Korea Research Institute for Human Settlements (KRIHS), held on Tuesday.

In the same period, London, Berlin, Sydney, and Shanghai each saw a change rate of 39.6 per cent, 63.1 per cent, 54.8 per cent and 52.5 per cent.

But the data also showed that cities such as New York City and Tokyo saw a relatively low fluctuation rate of 16.2 and 4.1 per cent over the course of five years.

Experts at the seminar cited the Moon administration’s real estate regulations announced last year as a major reason behind the containment of a serious price hike.

On September 13 last year, the government announced a series of measures to crack down on speculation and cool off the overheated real estate market. It included restrictions on mortgages for multiple homeowners, and increases to the general real estate tax for high-priced residences.

Overall, the fluctuations in real estate transaction price across South Korea dropped to -0.63 per cent last month, from 1.48 per cent in 2017. The corresponding figure was 1.1 per cent last year.

“Following the September 13 measures, Seoul’s real estate transaction market was able to slow down,” Park Chun-gyu, an analyst at KRIHS, said at the seminar. THE KOREA HERALD/ASIA NEWS NETWORK

MOST VIEWED

  • Chinese ‘prank’ threat video is no joke for Cambodia

    ‘Preah Sihanouk province, in the next three years, whether safe or chaotic, will be under my control,” declared a Chinese man in a white T-shirt, as another 19 men stood behind him shirtless, in a video that went viral on social media last month. After the

  • Woman detained for murder of hairdresser over unpaid $1K debt

    A woman has been held in connection with the murder of a 40-year-old widow. The victim’s daughter claims the motive was the suspect’s unpaid four million riel ($1,000) debt to her mother. The 17-year-old girl, Pich Sievmey, said her mother, Koem Yaneang, a hairdresser

  • ABA reports $71.8M net profit

    ABA Bank, a member of the National Bank of Canada group, recorded a net profit of $71.8 million last year, up 55 per cent from $46.2 million in 2017, its annual report released on Monday stated. A rise in the bank’s loan portfolio and the expansion of stated

  • Cambodia, Singapore to ‘move on’ from Lee remarks storm

    Cambodia, Singapore and Vietnam have agreed to move on from the controversy caused by remarks from Singapore’s Prime Minister Lee Hsien Loong and follow the path of cooperation, dialogue and friendship. The foreign ministers of the three countries had separate telephone conversations on Friday