00:02you're listening to ai prism from seoul economic daily the government says seoul housing permits
00:08are up 74 percent and gangnam prices have fallen 10 weeks in a row a reserved unit in a banpo
00:15luxury complex is listed at more than double its highest pre-sale price a seongsu redevelopment
00:22site's bridge loans were extended again to 760 billion won while it waits for approval and the
00:28bank of korea is expected to hold rates on october 22nd and raise them in november it's monday october
00:3519th let's look at what's happening in korea's property market the government is pointing to
00:40supply indicators and cooling gangnam prices as early signs of stability meanwhile reconstruction
00:47unions are pricing unsold reserved units off sky high nearby asking prices and rising rates and
00:53long approval weights are adding financing costs to big redevelopment projects here's what the
00:58numbers show seoul housing permits from march to august totaled 36 000 homes up 74 percent from a year
01:06earlier while starts were 17 000 up 45 percent and listings rose to about 74 000 30 above early this
01:15year seoul's housing sales sentiment index fell from 139.9 in july to 130.8 in september and the
01:25government expects supply conditions to improve sharply from 2028 as third new towns begin move-ins
01:32reserved units at ota banpo carry minimum bids of 7.415 billion and 7.55 billion won more than double
01:42the highest pre-sale price of 3.669 billion won and bidding closes october 30th the developer of
01:51seong su's sampio ready mix site raised its bridge loan commitment to 760 billion won adding 120 billion
01:59won as national capital region review of the project was put on hold 19 of 20 surveyed experts expect the
02:06bank of korea to hold its three percent rate on october 22nd and 18 of 20 expect to hike in
02:12november
02:12the wealthiest 0.1 of households saw net worth per household rise 98 percent from 7.9 billion won in
02:222019 to 15.75 billion won last year with real estate rising from 5.6 billion to 15.07 billion
02:31won
02:31so what does this mean for buyers weighing a purchase this year earlier we said sole housing permits are up
02:3874 percent and gangnam prices have fallen 10 weeks in a row here's what that actually means for you
02:44permits and starts are leading indicators and the government itself says supply conditions improve mainly
02:51from 2028 while near-term factors like income growth and the chip boom still push prices up and rate hikes
02:58push down so for this year the banpo reserved unit bids are an early read on prices above the 2
03:05.5 billion won loan
03:07cap line but no transaction price exists yet what to watch bidding results for reserved units at yongdongpo
03:15see dignity on october 22nd ochirbanpo on october 30th and olympic park forion on november 2nd
03:24unesco's review of the tairayung heritage impact assessment which will decide whether the 6 800 home plan
03:31keeps its schedule with district designation targeted for next march and the bank of korea's october 22nd decision
03:38and whether the government cuts 5 to 10 trillion won more in treasury issuance that's today's ai prism
03:45real estate this episode was produced with ai assistance based on seoul economic daily reporting
03:51and reviewed by a human editor ai prism is a won ifra award-winning series we'll be back tomorrow
03:58you've been listening to ai prism from seoul economic daily
