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House prices in Seoul have risen 10% this year, the highest level in 10 years. The province fell for the first time in 14 years.
According to the system of economic statistics of the Bank of Korea on October 11, the index of selling prices of homes in Seoul rose by 6.0% compared to the end of last year in October.
The rate of increase over the same period (January to October) was the highest since 2008 (11.8%).
In particular, the rate of increase in the price of apartments in Seoul this year is 8.2%, a rate comparable to that of 10 years ago.
House prices in Seoul rose 1.2% in September compared with the previous month. In October, the rate of increase was 0.6%.
The main metropolitan area was stronger in October.
Last month, the rate of increase in the price of housing Daegu increased by 0.5% compared to 0.4% in September. It was the highest since November 2015.
Daejeon jumped 0.6% in September from 0.2% in September. It was the best in seven years.
Incheon (0% → 0.2%) also showed a higher growth rate in October and Gwangju (0.7% → 0.6%) was similar.
In contrast, local housing prices fell 0.8% this year. For the same period, this is the first decrease since 2004 (-0.8%).
House prices rose 1% this year. The rate of increase is lower than the same period last year (1.2%).
Ulsan (-0.7%) and Gyeongnam (-0.4%), which had experienced a bad economy due to the restructuring of major industries, continued their decline last month.
The recent surge in real estate prices in the Seoul metropolitan area has prompted the Bank of Korea to raise its interest rates.
Prime Minister Lee Nak-yeon and Minister of Land, Transport and Tourism Kim Hyun-mi spoke of the need to raise interest rates on real estate. Within the monetary policy committee, there is also a sense of real estate trends.
According to the minutes of last month's CPM meeting, a PPC reported an increase of 0.25 percentage points, noting that "the low interest rate leverage continues to accumulate in real estate sector and that the effect of demand pressure has gradually decreased.
"It seems that the incentive to offset the shortage of old age funds due to the rapid aging of the economy through leverage has led to the acquisition of real badets and to profit-seeking by raising prices, "he added.
"I think the low interest rates observed in recent years have partly affected the increase in household debt and real estate prices in some areas, as well as the lack of interest. 39, relaxation of the regulations relating to real estate, "said KNCC.
In last month's MPC, Ko Seung-bum and Il-hyung Lee expressed their interest rate hike.
In the meantime, Han said: "Some think the uncertainty is great," indicating the effect of real estate measures of September 13.
According to the BOK, "the regulation of loans will have a significant effect on demand, but it will be fundamentally stabilized if expectations of higher prices disappear".
The BOK stated: "It is difficult to conclude that unstable factors have disappeared if economic agents' perceptions of the sustainability of the political effect have not changed, as housing prices have temporarily stabilized since the previous real estate measures,
The BOK added: "Historically, house prices have steadily declined in the face of continued growth and low interest rates."
However, the MPC has another interpretation of the recent rise in real estate prices.
One member said: "The recent spike in apartment prices in some metropolitan areas seems to be more caused by the differentiation of house prices by region and by type," he said. Monetary authorities can not react to badet price fluctuations.
The demand for new apartments in the metropolitan area is growing, which seems to be the main reason for the lack of supply.
"If the rise in domestic badet prices and the rise in debt last a long time, it should be noted that future price adjustments may have a minor impact on the financial markets and macroeconomics," he said. It was a preview.
(Yonhap News)
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