Seoul reconstruction prices put end to four-week decline: Seoul reconstructionapartment prices stayed flat w-w last week, putting an end to a four-week decline thatbegan when new real estate measures were announced on Aug 2. In one piece of positivenews, Seoul City last week approved an application for the reconstruction of JamsilJugong block 5 into high-rise apartments (up to 50 stories). Meanwhile, the media on Sep9 reported that the Financial Services Commission has postponed the unveiling ofcomprehensive household debt measures—originally scheduled for mid-September—untilafter the Chuseok holidays in light of the need to monitor: 1) macroeconomicdevelopments amid North Korea’s nuclear threats and the THAAD conflict; and 2) realestate market trends after the Aug 2 measures. As a result, the housing welfare roadmapis also likely to be postponed from late-September until after the Chuseok holidays. Withuncertainties likely to linger until the household debt measures and the housing welfareroadmap are out, the market should remain in wait-and-see mode.    Subscription market solid despite Aug 2 measures: Presales for GS Engineering& Construction’s Shinbanpo Central Xi—the first presales offered in an affluent district ofSeoul since the Aug 2 measures—saw a competition ratio of 168:1 (based on 16,472 firsttiersubscribers applying for 98 units), the highest in the Seoul metropolitan area (SMA)this year. Priced at KRW42.5m/3.3 m2, the apartments are over KRW10m/3.3 m2 cheaperthan neighboring apartments, which is attributable to the state-owned Housing & UrbanGuarantee Corporation refusing to guarantee apartments that set presale prices higher inthat neighborhood. Thus, despite the Aug 2 measures, there is still strong demand for newapartments in attractive locations with good access to public transport. Septemberpresales results for other major apartment complexes also warrant attention.    Unsold inventory down in July: Korea’s unsold housing inventory fell 4.9% m-m toend July at 54,292 units. By region, unsold inventory declined 15.6% m-m in the SMA and1.4% m-m elsewhere. The sharp drop in the SMA was led by the Gyeonggi Province,where the number of unsold units slid below 10,000 for the first time in a decade.    Declines were particularly pronounced in Pyeongtaek, Osan, and Yongin. Meanwhile,completed unsold inventory decreased 1.8% m-m to 9,800 units.

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