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Economic Bulletin (Vol. 33 No.1)

Economic Bulletin (Vol. 33 No.1)

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-The Green Book: Current Economic Trends
-Policy Issues
-Economic News Briefing
-Statistical Appendices
-The Green Book: Current Economic Trends
-Policy Issues
-Economic News Briefing
-Statistical Appendices

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Published by: Republic of Korea (Korea.net) on Jan 24, 2011
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12.1 Housing market

In December, nationwide apartment sales prices increased 0.6 percent month-on-month.

Apartment sales price increases in 2010 (y-o-y, %)

Nationwide (2.5), Seoul metropolitan area (-2.9), 5 metropolitan cities (8.7), provincial cities (7.9)

Apartment sales prices in the Seoul metropolitan area increased for the first time in eight
months, rising 0.1 percent month-on-month.

Apartment sales prices in areas excluding the Seoul metropolitan area showed a continuing
strong upward trend. In particular, the prices in South Gyeongsang Province rose 2.1 percent
from the previous month and those in Busan were up 1.8 percent. Apartment prices in 5
metropolitan cities and other cities each advanced 1.2 percent and 1.0 percent, respectively.

Nationwide apartment rental prices in December were up 1.0 percent from the previous
month. In the Seoul metropolitan area the pace of an increase decelerated slightly, but
rental prices in popular school districts in Seoul, such as Gangnam (up 1.8%) and Yangcheon
(up 2.0%), showed strong growth.

Apartment sales transactions in November increased 18.0 percent from the previous month’s
72,629 to post 85,704. The transactions were up 5.0 percent from a year earlier and 19.0 percent
compared with the monthly average of 72,000 recorded in the same month for the past 3 years.

(Percentage change from previous period)

AnnualAnnualAnnualAnnualQ4AnnualAugSep

Oct

Nov

DecDec 61

Dec 131

Dec 201

Dec 271

Nationwide

7.6

1.9

0.8

4.52.0

8.80.4

0.7

1.0

1.41.00.250.240.210.23

Seoul

11.5

2.2-1.8

8.12.3

7.40.20.7

1.2

1.10.80.200.230.210.16

Gangnam2

11.3

0.5-3.610.42.7

8.80.30.7

1.2

1.41.00.250.270.260.20

Gangbuk3

11.8

4.6

0.5

5.41.9

5.60.1

0.6

1.1

0.80.50.130.180.150.12

Seoul metropolitan area

11.7

2.1-0.4

5.61.8

7.20.20.8

1.1

1.30.70.160.200.180.18

5 metropolitan cities

3.0

1.1

1.6

3.92.612.00.70.6

0.9

1.51.40.370.360.310.32

1. Weekly trends2. Upscale area of Southern Seoul3. Northern SeoulSource: Kookmin Bank

200620072008

2009

2010

Nationwide apartment rental prices

Source: Korea Land & Housing Corporation

(Monthly average, thousand)

Apartment sales transactions

AnnualAnnualAnnualSepOctNovDecJanFebMarAprMayJunJulAugSepOctNov

Nationwide

84

74

77

90

87

82

82

62

67

80

73

62

65

62

57

57

73

86

20072008

2009

2010

(Percentage change from previous period)

AnnualAnnualAnnualAnnualQ4AnnualAugSep

Oct

Nov

DecDec 61

Dec 131

Dec 201

Dec 271

Nationwide

13.8

2.1

2.31.60.92.5

0.00.2

0.30.50.60.150.160.160.16

Seoul

24.1

3.6

3.22.60.3-2.2-0.5-0.3-0.2-0.10.10.020.040.050.02

Gangnam2

27.6

0.5-1.93.90.2-1.8-0.5-0.2-0.2-0.10.10.030.050.080.04

Gangbuk3

19.0

8.3

9.40.90.4-2.7-0.4-0.3-0.2-0.10.00.000.020.010.01

Seoul metropolitan area

24.6

4.0

2.90.70.2-2.9-0.5-0.3-0.2-0.10.10.020.020.030.03

5 metropolitan cities

2.1-0.6

1.02.81.9

8.7

0.40.6

0.81.21.20.300.330.310.28

1. Weekly trends2. Upscale area of Southern Seoul3. Northern SeoulSource: Kookmin Bank

200620072008

2009

2010

Nationwide apartment sales prices

Economic Bulletin 37

Apartment prices by region

Source: Kookmin Bank (national housing price trend)

Weekly apartment sales prices and monthly transaction volume

Source: Kookmin Bank (weekly APT price trend) & Korea Land Corporation (monthly land trade trend)

Real estate prices

Source: Kookmin Bank (national housing price trend)

12-1

12-2

12-3

38January 2011

12.2 Land market

Nationwide land prices in November went up for the first time in three months, rising 0.03

percent month-on-month, which is 2.31 percent lower than the pre-crisis peak reached in

October 2008.

Land prices in the Seoul metropolitan area rose for the first time in five months, led by Seoul

(up 0.02%)and Gyeonggi Province (up 0.04%).

Land price increases in Seoul metropolitan area (m-o-m, %)

-0.04 (Jul 2010) -0.04 (Aug) -0.09 (Sep) -0.08 (Oct) 0.01 (Nov)

Land price increases in areas excluding the Seoul metropolitan area continued in November,

led by Daejeon (up 0.23%), Busan (up 0.09%)and South Gyeongsang Province (up 0.08%).

Land price increases in areas excluding Seoul metropolitan area (m-o-m, %)

0.06 (Jul 2010) 0.05 (Aug) 0.05 (Sep) 0.05 (Oct) 0.06 (Nov)

Nationwide land transactions in November recorded 208,000 land lots, increasing 14.9

percent from the previous month and 0.7 percent year-on-year.

Land transactions in Ulsan (up 42.9%), Seoul (up 29.3%), and South Gyeongsang Province

(up 21.3%)increased significantly.

(Percentage change from previous period)

Land prices by region

AnnualQ3AnnualQ3AnnualQ1

Q2

Q3

Q4Annual1

Q1

Q2

Q3SepOctNov

Nationwide

3.880.92-0.311.18

0.96-1.200.350.880.940.940.700.29-0.05-0.04-0.030.03

Seoul

5.881.39-1.001.59

1.40-1.380.681.300.810.490.720.02-0.25-0.13-0.130.02

Gyeonggi

4.221.05-0.261.28

1.22-1.620.371.131.361.410.960.53-0.08-0.05-0.030.01

Incheon

4.861.111.372.01

1.99-1.390.531.161.701.411.080.43-0.10-0.06-0.02-0.03

2007

2008

2009

2010

1. Jan-Nov aggregate total
Source: Korea Land & Housing Corporation

(Land lot, thousand)

Land sales transactions

Annual1

Annual1

Annual1

SepOctNovDecJanFebMarAprMayJunJulAugSepOctNov

Nationwide

208208203226212207241170168213203177183171163145181208

Seoul

33

26

22

28

25

19

21

16 17

20

17

14

13

10

12

11

14

18

Gyeonggi

49

45

46

56

52

48

58

39

34

4442

37

42

38

36

32

40

45

Incheon

13

13

10

13

14

11

12

6

7

9

9

10

8

8

7

7

8

9

20072008

2009

2010

1. Monthly average
Source: Korea Land & Housing Corporation

Economic Bulletin 39

Land trade volume

Source: Korea Land Corporation (land trade trend)

12-4

12-5

12-6

Land and consumer prices since 1970s

Source: Korea Land Corporation (land prices) & Statistics Korea (consumer prices)

Land prices by region

Source: Korea Land Corporation (land price trend)

40January 2011

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