 The approval of a reconstruction project for apartments at the Jamsil Jugong Apartment Complex 5 in Jamsil, southern Seoul, which had been one of the area’s most lucrative real estate markets, was supposed to give the property market a jolt. However, the boost has yet to happen, with some observers taking this as one of the many indicators that Seoul’s once-soaring housing market is about to tumble. / Korea Times file |
As the housing market skids through its most dramatic plunge in years, observers can't agree on whether the country is in for a spectacular crash or a moderate bounce-back.
However, one thing appears to be certain: the days of splurging on houses as an investment, which led to the borrowing binge that fueled the bubble in the past decade, is all but over.
Those who had been convinced just a while ago that they were sitting on a fortune are now distressed about losing one.
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