Seoul's housing market surges; regions struggle

Seoul's housing market is experiencing a surge in prices, particularly in affluent areas like Gangnam, following a recent policy change by the mayor that lifted restrictions on real estate transactions. This has led to a rapid increase in property values, with some prices rising by over 100 million won. In contrast, regional housing markets are struggling, with a record number of unsold apartments outside Seoul. Many construction companies in these areas are facing bankruptcy, highlighting a growing divide in the housing market. Experts note that the perception of real estate as a wealth-building tool is driving demand in prime locations like Gangnam. This trend is expected to continue, further polarizing the housing market between Seoul and other regions.