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Market Chatter: Seoul Apartment Prices Mark Fastest Increase Since January-End Ahead of Bank of Korea Policy Meet

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Apartment prices in Seoul increased 0.31% in the week through May 18, marking the fastest weekly increase since Jan. 26, ahead of the Bank of Korea's next rate-setting meeting on May 28, Bloomberg reported Thursday, citing data released Thursday by the Korea Real Estate Board (KREB).

Governor Shin Hyun Song will chair the meeting, which is his first rate policy meeting since taking office in April, the report said.

Gains in the week through May 18 marked the 68th straight week of gains. Apartment prices across the country also edged up at a marginally faster rate of 0.07%, the report said.

Buyer wait-and-see sentiment was higher across some districts, but the cost-driving factor across other areas of Seoul was the strong demand for redevelopment projects and apartments with strong residential conditions, the report said, citing the KREB.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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