00:00before you sign anything in Korea's property market. The numbers just shifted,
00:03and they're not moving in the same direction everywhere. Seoul land prices rose 1.26% in
00:09the third quarter. The national average was 0.62%. That gap matters for anyone thinking about buying.
00:14Here's the number that stands out most. In Naoanggu, roughly half of all apartments sold
00:19at auction this year went for more than their appraised value. Last year, it was under 8%.
00:23It's Wednesday, October 28th. Let's look at what's happening in Korea's property market.
00:28Seoul land values climbed 1.26% in the third quarter, according to the Ministry of Land,
00:33Infrastructure and Transport and the Korea Real Estate Board. That's above the national average
00:38of 0.62%. Yongsangu led the country's 256 districts, with a 2.24% gain. Here's what the numbers show.
00:46Outside Seoul, land prices in the capital region rose 0.89%, while regional areas gained only 0.14%.
00:54Land transactions also fell 15.6% from the previous quarter, with Seoul seeing a 21.7% drop in
01:01pure
01:01land deals. Option data points to a similar split. In Naoanggu, the share of apartments sold above
01:06appraised value jumped from 7.7% to 48.4% in a single year. Meanwhile, in Gangnamgu, the number
01:15of
01:15above appraisal sales nearly halved, and Sochogu saw such cases fall by 60%. So what does this mean
01:21for buyers weighing a purchase this year? For buyers priced out of Gangnam, Outer Seoul is
01:25becoming more competitive, and the bidding pressure there is real. For those looking at the high-end
01:30market, the picture is more cautious. New tax proposals have made expensive apartments harder
01:34to finance, and that's pulling demand away from them. Earlier, we said the numbers were shifting in
01:39different directions. Here's what that actually means for you. Land prices are rising fastest where
01:43affordability is already tight. The premium on a Seoul address is not uniform anymore,
01:48and it pays to know which districts are moving. Here's the one thing to watch,
01:51the November Bank of Korea decision, because interest rates will shape how affordable these
01:55purchases feel. And with the economy growing faster than expected, the case for rate cuts
01:59is getting weaker. That's today's AI Prism, real estate. This episode was produced with AI
02:05assistance based on Seoul Economic Daily reporting. AI Prism is a won IFRA award-winning series.
02:11We'll be back tomorrow.
02:13We'll be back tomorrow.
