Real Estate Transactions Plunge in June

Published on 2018/07/22 | Source

Real estate transactions in Seoul halved in June, compared to the same period last year.

Only 10,401 homes were sold last month, down 56 percent from 23,879 in June last year, the Ministry of Land, Infrastructure and Transport said on Tuesday. It is 44 percent lower than the average for June in the past five years.

Realtors blamed the drop on a set of stringent measures to prevent property speculation including heavy taxes for owners of multiple properties.

Some 1,371 transactions were made in the major affluent Gangnam areas south of the Han River such as Gangnam, Gangdong, Seocho and Songpa, down a staggering 75 percent from last year.

A total of 65,027 homes were sold nationwide -- 31,521 in Seoul metropolitan areas and 33,506 in provincial areas.