Seoul Apartment Contract Cancellation Rate Doubles in 5 Years... Concerns Over 'House Price Inflation'

[Economy 365]

The cancellation rate for Seoul apartment sales contracts has more than doubled over the past five years.

Last year, contract cancellations stood at 6,419 cases, accounting for 7.66% of all transactions in Seoul.

This is more than double the cancellation rate of 3.41% recorded in 2021.

From 2021 to August of this year, contract cancellations totaled 140,202 nationwide and 14,254 in Seoul.

While not all contract cancellations imply market manipulation, experts point out the need to inspect whether there were cases of "house price inflation," where high prices are falsely reported and then canceled.

*This article was produced with AI audio.
※ Please note: This article was translated by AI and may contain errors.