Seoul apartment lease prices fall by largest margin in 5 years

Apartment lease prices in Seoul dipped by the largest margin in five years and eight months this week, according to statistics released Thursday.

Apartment lease prices in Seoul have been on a steady decline for the past four weeks, and prices fell 0.08 percent this week compared to the previous week, according to a weekly report released by the Korea Appraisal Board.

The figure is the largest since a 0.09 percent dip in the third week of July in 2012.

The drop in lease prices stems from the surging supply of new apartments in satellite cities surrounding Seoul, reports say.

(doo@heraldcorp.com)