The sluggish real estate market in Seoul will bounce back this year after bottoming out in the coming months, BoA-Merrill Lynch predicted Tuesday.
“Thanks to the recent reduction of housing supply and the growing feasibility of the government-led regulation easing on property transactions, there is a high possibility that the Seoul region real estate market will be vitalized in 2013,” the Korea Center for International Finance said, citing a report from BoA-Merrill Lynch.
However, the research center commented on the report, which expected the consumer sentiment in the “provincial” realty markets nationwide would still remain in doldrums.
A survey showed that more than half of Seoulites and residents of satellite cities said vitalization of the real estate market is necessary.
According to a poll by the Korea Chamber of Commerce and Industry, 54 percent of the 500 adults and 88 property experts said a boom in the real estate market is needed.
About 20 percent of the respondents said vitalization is unnecessary while 25 percent of them did not pick either.
A large portion of the respondents among those who picked the necessity expressed worries over instability in the financial market and economic slowdown from the ongoing lackluster realty market.
By Kim Yon-se (
kys@heraldcorp.com)
