[Anchor]
President Lee Jae-myung has spoken out resolutely regarding real estate statistics. Expressing concern over whether statistical data is being properly conveyed to the public, he remarked that transaction prices in key areas have been falling to an astonishing degree.
Reporter Kim Hye-min looked into whether actual market transactions are indeed moving in line with the president's remarks.
[Reporter]
These remarks from President Lee Jae-myung were made at a Cabinet meeting today (November 3):
[President Lee Jae-myung: Actual transaction prices in key areas also continue to drop. And they are falling to an astonishing degree.]
Indeed, as of the fourth week of last month, apartment sale prices fell 0.38% from a week earlier in Gangnam-gu, while Seocho-gu dropped 0.35%.
This marks the 12th consecutive week of decline.
In particular, a 183-square-meter unit at the Sin-Hyundai Apartment complex in Apgujeong-dong, Seoul, was sold early last month for 9.3 billion won, a plunge of 3.5 billion won compared to December of last year.
While the president's remarks hold true if "key areas" are defined as the Gangnam area, the picture shifts when looking across Seoul as a whole.
Examining apartment sale prices for all of Seoul, also as of the fourth week of last month,
prices rose 0.09%, marking an all-time record streak of 90 consecutive weeks of gains.
Driving the upward trend were small and medium-sized apartments in northern Seoul, including Seongbuk-gu, Seodaemun-gu, and Jongno-gu.
While it is positive that housing prices in Gangnam—once considered invincible—are stabilizing, prices are rising in areas where demand from working-class citizens is concentrated.
However, the pace of gains across all Seoul apartments has slowed for two consecutive weeks.
President Lee also addressed housing inventory and transaction volumes.
[President Lee Jae-myung: Aren't apartment listings in the Seoul area increasing rapidly right now? And transaction volume is falling very rapidly.]
In fact, apartment sale listings in Seoul are nearing their peak for the year, and transaction volume dropped 42% compared to a year ago.
President Lee stated that the government is already preparing contingency measures, including large-scale purchases for public rental housing in the event housing prices plunge sharply.
(Video by Ha Ryung | Video Editing by Jeong Seong-hun)
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