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Rate of real estate price increases slowing down: Finance Minister Updated: 2021-10-28 04:55:33 KST

South Korea's housing market has been heating up in the past couple of years and has only climbed higher in the pandemic.
House prices are still rising but the situation seems to have changed a little in recent months.
At a government meeting on the property market on Wednesday, Finance Minister Hong Nam-ki said that the rate of increase in Seoul and the capital region has been slowing.

"With measures implemented to expand housing supply, an increase in interest rates and controls on household debt, the rise in house prices has slowed down recently. Also, the sentiment in the property market is showing changes."

According to the data released by the Finance Ministry, apartment unit prices in Seoul and the surrounding capital region since September have increased but not at the same pace as before.
Hong also said that as South Korea is at an important period, he will go all-out to stabilize the soaring prices.
But a realtor in Seoul says the increase in house prices in some parts of Seoul is not as fast because there are fewer homes on the market.

"In some regions, the prices are slowing down and being adjusted. But this is because the number of people trying to sell or buy has fallen sharply due to government regulations and controls on mortgage loans."

An expert says the direction of the housing market in the future could depend on the outcome of next year's presidential election.

"The ruling party will try to maintain the current policies and will expand supply through public housing units and the opposition party is likely to try to boost supply by easing regulations for sellers."

He added that the direction that property prices will go depends largely on the amount of increase in housing supply.

With the goal of increasing housing supply and helping young people get on the property ladder, the government is to announce its plan next month for public housing unit pre-subscriptions. Eum Ji-young, Arirang News.
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