Housing prices have finally started to level out, after climbing steadily over the past few years. Some experts say, this is only a temporary situation, though, and that prices will soon start rising again. Joseph Kim reports.

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Yeon-dong, Jeju City

This is a real estate agency in Jeju City.
The number of inquiries about condominium transactions has been on the decline since the beginning of this year. Some homeowners have lowered their asking price, but the properties are still sitting, untouched.

INTERVIEW
Yang In-sik / Real estate agent
Prices have remained steady, while the number of inquiries has fallen. If the trend continues, condo prices will remain the same for the time being.
<인터뷰 : 양인식/OO부동산 대표>
"가격은 보합 상태이고 매수 문의가 많이 줄어든 상태라서 이 상태가 지속되면 약보합으로 돌아설 가능성도 있습니다."


About 3,500 houses had been bought and sold between January and March of this year. That’s 8.5 percent lower compared to the same period last year.


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Condo prices remain steady

As the number of transactions have declined, the price of condominiums has plateaued.

Condo prices showed a 0 percent increase last week. Condo prices have remained the same for the past two consecutive weeks.

Local housing prices have increased since the latter half of 2014, but they are now showing horizontal movement for the first time.

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Prospective buyers feeling the pinch

Housing prices have greatly increased and a more stringent loan appraisal process has placed a burden on prospective buyers.

As insiders expect the province to provide more rental housing and take measures to stabilize housing prices, many people are holding off on purchasing a home.

However, some believe that the lower demand will not translate to lower prices for prospective buyers.

INTERVIEW
Jeong Su-yeon / Professor, Jeju National University
I hope housing prices will stabilize soon, but the population is growing and big construction companies aren’t building enough condos on the island. It is likely that housing prices will soar again after the current plateau.
<인터뷰 : 정수연/제주대학교 교수>
"인구가 계속 증가하고 있고 대규모 브랜드 아파트의 공급이 원활하지 않기 때문에
주택 가격이 안정화되는 쪽으로 흘러가면 좋겠는데// 주택 공급이 실질적으로 이뤄지지 않으면 다시 올라갈 수 있는 확률도 크다고 봅니다."

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Hyeon Gwang-hoon, Park Byeong-joon

[reporter]
Joseph Kim

People are keeping a close eye on housing market. Prices are expected to remain steady for the time being.

Joseph Kim KCTV