Demand for Seoul apartments down slightly: report

Demand for apartments in Seoul inched down last week, data showed, after the government rolled out a series of supply measures Feb. 4.

According to data collected by the state-run Korea Appraisal Board, an index that gauges supply and demand for apartments dropped by 0.8 points to 109.8 last week, compared with 110.6 marked in the previous week.

A rating above 100 means demand exceeds supply.

After seeing bouts of fluctuations, the index had risen for 10 straight weeks since the last week of November, when it stood at 100.2.

The indicator reached 111.9 in the second week of February, the highest since July last year, but dropped to 110.6 in the third week this month.

On Feb. 4, the Ministry of Land, Infrastructure and Transport said it would supply a total of 830,000 housing units across the nation by 2025, including 323,000 in Seoul.

“Although the index has slightly fallen after the announcement of the Feb. 4 measures, it is still staying at a high level above 110,” said an official from the KAB. “It is too early to say the government’s measures have taken effect.”

The average apartment price increased 0.08 percent in the last week of this month, the same as the price growth rate posted in the previous week.

Gyeonggi Province saw apartment prices continue to grow by 0.42 percent on average in the third and fourth week this month.

By Kim Young-won (wone002@heraldcorp.com)