00:02you're listening to ai prism from seoul economic daily gangnam seocho and songpa's share of seoul
00:10apartment sales just hit a yearly low of nine percent unsold auction listings keep piling up
00:15and only seoul's outer districts in southern gyeonggi are seeing real demand seoul expanded
00:22its public newlywed housing program into pricier bigger units and demand is through the roof
00:27and a highly anticipated apartment complex in gangdong is teasing sub 300 million won prices
00:34again it's tuesday september 8th let's look at what's happening in korea's property market
00:40unresolved tax reform and tighter lending have pushed high-end buyers to the sidelines shifting
00:46transaction activity toward more affordable non-gangnam districts at the same time a growing
00:52pile of unsold auction listings is splitting the market geographically with only select outer seoul
00:58and southern gyeonggi locations drawing real competition and seoul is redesigning its public
01:03housing programs to appeal to the middle class not just low-income households as part of its response
01:09to the low birth rate here's what the numbers show gangnam seocho and songpa's share of seoul apartment
01:17transactions fell to 9.1 in august down from a peak of 16.1 in may as buyers there pulled
01:25back amid
01:26unresolved tax reform and tighter lending apartments priced at 900 million one or less now account for
01:3254.3 of seoul transactions up from 47.1 in january as buyers shift toward more affordable price bands
01:41nationwide apartment auction filings hit 3614 cases in august up 26 percent year on year while seoul's
01:50winning bid ratio fell below 100 percent to 97.0 percent its lowest level in months seoul's
01:58mirei nejip newlywed housing program expanded into larger units and prime gangnam addresses this month
02:05drawing a 60 to 1 competition ratio at its first complex gangdong's godayak gangil complex will open
02:13formal sales in october with earlier estimates suggesting apartments in the 300 million one range
02:19following a similar complex that drew a 125 to 1 general supply ratio in march so what does this mean
02:27for buyers weighing a purchase this year earlier we said gangnam seocho and songpa's share of seoul
02:34apartment sales just hit a yearly low here's what that actually means for you buyers with the means
02:40to purchase in prime districts are choosing to wait out the tax and loan uncertainty rather than
02:45transact while real demand keeps concentrating in more affordable areas and lower price bands if you're
02:52house hunting on a budget that shift towards sub 900 million one transactions and land lease programs
02:57like godiok gangil gives you more realistic options in seoul than a year ago what to watch whether the
03:05government finalizes its comprehensive real estate tax bill which is keeping high-end buyers on the
03:10sidelines godiok gangil 3's official pricing announcement in october which will decide whether
03:16it repeats magok 17's strong demand and whether seoul's auction winning bid ratio keeps falling as unsold
03:23listings continue piling up that's today's ai prism real estate this episode was produced with ai
03:31assistance based on seoul economic daily reporting and reviewed by a human editor ai prism is a juan
03:37afra award-winning series we'll be back tomorrow you've been listening to ai prism from seoul economic daily
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