Domestic apartment prices in the 2nd quarter, the largest decline in five years

National housing prices in the second quarter of this year decreased the most in five years. According to the Bank of Korea (BOK) on the 15th, apartment prices in the second quarter fell 0.3% from the end of the previous quarter. This is the largest since the first quarter of 2013 (-0.7%).

Some local apartment prices fell sharply to the national average, including Ulsan (-2.5%) and Gyeongnam (-2.3%). Prices for local apartments dropped by 0.9%. This is the largest since the first quarter of 2004.

Local economies have a difficult impact due to the restructuring of the shipbuilding industry. Chungbuk, Chungnam and Gyeongbuk exceeded 1%. Daegu, Sejong and Gwangju increased slightly. Seoul also increased by 0.8%. However, it has increased by more than 1% since the second quarter of last year and has slowed slightly compared to 3.6% in the first quarter of this year.

As the number of dwellings increased in the first half, the index of rental demand (113) in the first half was the lowest in 14 years. The lower the index, the better the housing supply. Rents for domestic apartments declined 1.1% in the second quarter. Seoul fell 1.0 percent, the biggest decline in six years.

[연합뉴스]