Seoul Apartment Transactions Reach Highest in 3 Years... May Transactions Near 5,000 Units
Trading Volume 4,935 Transactions... Highest in 3 Years
Highest Since May 2021
Decline in Mortgage Loan Rates, Recovery of Buying Sentiment
The volume of apartment transactions in Seoul in May reached around 5,000, marking the highest level in three years.
According to the Seoul Real Estate Information Plaza, the number of apartment transactions in Seoul in May (based on contract date) reported by the 29th of last month totaled 4,935, which is the highest since May 2021 (5,045 transactions) in three years.
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The increase in transaction volume is attributed to the decline of mortgage loan interest rates at commercial banks to the 3% range annually since April, along with the continued rise in apartment jeonse prices, construction costs, and new sale prices, which led apartment prices to shift back into an upward trend, thereby restoring buyer sentiment.
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