The forecast that house prices will rise in the new year also reached a record high regardless of age, living type, and region. Private research institutes and financial companies also predicted that house prices would rise this year.
According to the Bank of Korea on the 1st, in a survey of 2381 households across the country in December last year, the housing price forecast index for those under the age of 40 recorded 137. After last year’s August (131) and November (136), the housing price outlook index hit a record high. This index was compiled from January 2013. The higher the index is 100, the higher the percentage of positive responses. This means that among those surveyed, the number of people who predicted that their home prices will rise further this year than the previous month increased.
Similar results were found at other age groups. The housing price forecast index for those aged 40 to under 50 was 129, a record high for two consecutive months following last November (128). Those over the age of 50 to under 60 recorded 130, rewriting the highest level in about six years since October 2014 (129). Over the age of 60 to under the age of 70 also recorded 132, reaching the highest point since October 2014 (131). For those aged 70 and older, where the demand for home sales is relatively low, it reached 135, close to the highest record in September 2018 (136).
Even when the standards were different, the record of the highest index ever continued. By occupation, both salaried workers (132) and self-employed (130) recorded the highest index ever. By type of residence, both self-residents (131) and tenants (134) recorded the highest values.
There was a slight temperature difference by region. The housing price outlook index seen by residents of six metropolitan cities was the highest ever at 137 in December, but the number of residents in Seoul recorded 128, the third in history, following September 2018 (137) and December 2019 (130).
Private research institutes and financial companies also predicted rising house prices. As a result of the Housing Industry Research Institute’s prediction of housing prices this year in consideration of economic variables and supply and demand indexes, it predicted that the sale price would rise 1.5% in the whole country, 1.4% in the metropolitan area, and 1.5% in Seoul. The jeonse price is expected to increase by 3.1% in the whole country, 3.3% in the metropolitan area, and 3.6% in Seoul. In a recent survey by KB Financial Group, 9 out of 10 real estate agents predicted an increase in house prices. The opinion that the rise will be 1~3% (30% for intermediaries in the metropolitan area, 32% for non-metropolitan areas) was the most.
Reporter Choi Jin-seok [email protected]
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