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Has property market hit rock bottom?

Kim Da-ye Korea Times
The property market is still in a slump, causing experts as well as investors to wonder whether it has hit the bottom and a recovery is on its way. In this recent photo, a woman passes by a real-estate agency in Banpo-dong, Seoul, home to some of the hottest properties. / Korea Times file

The property market is still in a slump, causing experts as well as investors to wonder whether it has hit the bottom and a recovery is on its way. In this recent photo, a woman passes by a real-estate agency in Banpo-dong, Seoul, home to some of the hottest properties. / Korea Times file


Buying a home at the lowest price possible is everyone’s dream and timing is crucial to do so. For months the housing market has remained sluggish causing would-be home buyers to wonder if the property market has hit rock bottom and if they should make the deal of their life now.



Signs show that housing prices are slowly rebounding, but experts interpret it differently, giving various forecasts on where the market is heading. Many agree that in the long run, housing prices will stabilize. For now, unfortunately, home buyers will have to rely on their own judgment. 

In September, prices increased 0.1 percent across the country as households tend to move in the fall season and demand from newlyweds was high, according to statistics from Kookmin Bank. 

The prices have dropped for six months straight in Seoul as would-be home buyers would rather wait for the public housing named “Bogumjari Housing” and apartments for a long-term lease. The rate of the drop, has slowed somewhat, down at 0.2 percent in September compared to 0.3 percent in July and 0.4 percent in August. 

In addition, the Ministry of Land, Transport and Marine Affairs reported that the trading volume grew 8.6 percent from a month earlier to 33,685 across the country in September and 11.5 percent in the capital area.

Source



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