00:02You're listening to AI Prism from Seoul Economic Daily.
00:06Seoul's apartment prices rose for an 88th straight week,
00:09but Gangnam, Seocho, and Songpa all fell again.
00:13Dongtown home prices are up 20.14% since February,
00:17and the ripple is reaching cheaper nearby towns.
00:20A year after the October 15th measures,
00:23homes priced at $900,000,000 or less made up 47.2% of Seoul deals.
00:30And a U.S. developer wants Korean builders to help build a new city
00:33the size of Yaowido in Utah.
00:36It's Friday, October 16th.
00:38Let's look at what's happening in Korea's property market.
00:41Tiered loan caps are steering demand toward cheaper price bands
00:44in Seoul and in southern Gyeonggi.
00:47Meanwhile, Samsung's company loans and bonus plans
00:50are lifting prices around its semiconductor sites.
00:53And the debate over who should approve redevelopment projects
00:56is reaching the National Assembly.
00:58Here's what the numbers show.
01:00Seoul apartment prices rose 0.16%
01:03in the week of October 12th for an 88th straight week,
01:07while Gangnam Gu fell 0.3, 5%,
01:11Seocho Gu 0.27%, and Songpa Gu 0.21%.
01:17Gyeonggi prices rose 0.26%,
01:20with Dongtown up 0.66%,
01:24and Yongtong up 0.69%,
01:27and Dongtown's cumulative gain this year reached 20.14%.
01:31Buyers priced out are moving to nearby non-regulated areas
01:35like Gunpo and Huaseongbiyongjum,
01:38where an 84-square-meter home in Gunpo sold for $848 million,
01:44$48 million above the previous high,
01:46and Samsung's company loans of up to $500 million won at 1.5% fit these price levels.
01:53In the year after the October 15th measures,
01:56Seoul apartment deals totaled 62,181, down about 15%,
02:01while the share priced at $900 million won or less rose from 40.6% to 47.2%.
02:09Deals from $1.5 billion to $2.5 billion won fell 26.5%,
02:15and above $2.5 billion won fell to 1.7%,
02:19while the $900 million to $1.5 billion won ban slipped from 33% to 29.6% of deals.
02:27Mayor Oh Sehun told lawmakers that moving approval authority
02:31for redevelopment projects under 500 homes to districts would slow supply,
02:36and said outer Seoul price gains stem from the government's
02:39residency-first policy-cutting rental supply.
02:41So what does this mean for buyers weighing a purchase this year?
02:45Earlier, we said a year after the October 15th measures,
02:49homes at $900 million won or less made up 47.2% of Seoul deals.
02:55Here's what that actually means for you.
02:57Demand is following the loan lines,
02:59toward homes where low-rate policy loans are available,
03:02and the $900 million to $1.5 billion won ban that used to be the busiest
03:07is now under 30% of deals.
03:09If you're buying with a mortgage, your price ban decides your borrowing power.
03:14So check which cap.
03:15$600 million, $400 million, or $200 million won
03:19applies before you shortlist homes.
03:22What to watch?
03:23Whether Seoul's winning streak, now 88 weeks, continues as Gangnam,
03:28Seyocho, and Songpa keep falling.
03:31Whether the National Assembly backs moving redevelopment approval for projects
03:35under 500 homes to districts, which the mayor opposes.
03:38And whether major Korean builders accept flagship companies offer to join Utah City,
03:43a 2.83 million square meter project.
03:46That's today's AI Prism, real estate.
03:50This episode was produced with AI assistance based on Seoul Economic Daily reporting
03:54and reviewed by a human editor.
03:57AI Prism is a Juan Ifra award-winning series.
04:00We'll be back tomorrow.
04:02You've been listening to AI Prism from Seoul Economic Daily.
