Frozen Real Estate Market

Since the announcement of the government’s comprehensive package plan for housing market stability effective on October 29, the sales offering for the apartments, especially for those to be reconstructed in Gangnam area of Seoul, have remarkably increased, while the transactions are staying stagnant. The realty experts forecast that a full-scale decline of housing prices is likely to happen starting from next week if the house offerings keep stacking up. A picture showing the realty offices in Daechi-dong of Gangnam-gu.

Dai-Yeon Won yeon72@donga.com