00:00before you sign anything in korea's property market the rules just shifted again and the numbers matter more than ever
00:06seoul's property market is splitting some neighborhoods are cooling for the first time in months
00:11while a flagship banpo project prepares to launch and a reconstruction levy is now landing on homeowners in gangnam it's
00:18friday november thirteenth let's look at what's happening in korea's property market here's what the numbers show
00:24gangnam goo notified the yunma apartment reconstruction association of an expected levy of 2.0 trillion won averaging 463 million
00:33won per member seucho goo sent a preliminary notice to banpo hyundai's association for 17.9 billion won averaging 224
00:42million won per member
00:43prices in the hanggang belt have turned lower song dong goo fell 0.02 percent in the second week of
00:49november its first decline in 32 weeks
00:52gangdong goo dropped 0.01 percent ending a 33-week run of gains real transactions confirm the slowdown a unit
01:00in raymian ok river gen in songdong sold for 2.37 billion won on november 26th down 480 million won
01:08from october 1st still the sole average rose 0.07 percent last week the banpo flagship
01:14dish banpo 124 is set to launch in december with about 1801 general sale units estimated pricing for an 84
01:24square meter unit is around 3 billion won against market prices above 5 billion won for nearby homes
01:30but there's a catch loans on properties valued above 2.5 billion won are capped at 200 million won and
01:49the project is pre-sale meaning full payment is due within a year for most buyers that makes this a
01:54cash only opportunity
01:55meanwhile the mokdong cbs site is being redesigned from a knowledge industry center into a mixed-use hub with senior
02:02housing and offices at least 35 percent of floor space must remain office space to protect local jobs
02:08so what does this mean for buyers weighing a purchase this year the message from both sides is clear gangnam
02:14slide is spreading and mortgage rates above 4.88 percent are keeping upgrade buyers on the sidelines
02:20earlier we said that prices were cooling in the hanggang belt here's what that actually means for you if you
02:26can wait you may find better entry points by early next year but only if you have the cash or
02:30the financing ready when the next wave arrives here's what that actually means for you if you can wait you
02:36may find better entry points by early next year that's today's ai prism real estate this episode was produced with
02:43ai assistance based on sole economic daily reporting
02:46ai prism is a juan ifra award-winning series we'll be back tomorrow
