'Bubble Seven' Prime Properties Rising Back
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Eunma Apartment in Gangnam, southern Seoul, is seeing prices rise on investor hopes that it will become expensive after reconstruction. / Korea Times
Apartment prices are rising again in Seoul, upon government deregulation and abundant liquidity in the market. The economy, trying to recover from the global financial market turmoil, could fall into the pit again with the formation of a bubble.
Kim Hui-jun, an office worker planning to get married in autumn, is pondering whether to buy an apartment.
"It seems that apartment prices are rising again. I am afraid that I could fall victim amid the inflation if I don't hold assets like real estate," the 30-year-old said. The apartment in downtown Seoul that he has been eyeing rose by nearly 20 percent since January.
Statistics show that apartment prices are rising again. The increase is evident in old apartments in southern Seoul that are subject to reconstruction. Investors expect to get pricey new apartments by reconstructing them. According to Korea Realty Information Association, a 116-square-meter Jugong Apartment in Songpa District rose by over 300 million won from early this year, now trading at over 1.3 billion won.
"It seems that apartment prices are rising again. I am afraid that I could fall victim amid the inflation if I don't hold assets like real estate," the 30-year-old said. The apartment in downtown Seoul that he has been eyeing rose by nearly 20 percent since January.
Statistics show that apartment prices are rising again. The increase is evident in old apartments in southern Seoul that are subject to reconstruction. Investors expect to get pricey new apartments by reconstructing them. According to Korea Realty Information Association, a 116-square-meter Jugong Apartment in Songpa District rose by over 300 million won from early this year, now trading at over 1.3 billion won.
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