The real estate market in South Korea is facing a severe downturn, leading to the closure of numerous real estate brokerages. Factors contributing to this crisis include a slump in transactions, declining apartment sales, and concerns about unsold units. Construction companies are also giving up on projects due to rising interest rates and the unsold property issue. While the government has eased some real estate regulations, the market remains cold, with both buyers and sellers adopting a cautious approach. Some experts predict a continued downturn in the real estate market until at least the second half of the year, with the possibility of a rebound in the future, particularly in regions with limited housing supply. Overall, the market is uncertain, and its direction remains a subject of debate.
Sure, here are the key facts extracted from the provided text:
1. Real estate brokerages are facing difficulties due to a slump in the real estate market.
2. Many real estate agents are experiencing a direct hit, with brokerages closing down.
3. The number of closed real estate agent offices in the Gwangju and Jeonnam areas more than doubled in December, with 103 closures.
4. Apartment sales began declining in July of the previous year, reaching half of the initial level by December.
5. The real estate market's recovery is expected to depend on government regulations and interest rates.
6. Concerns are rising about a growing number of unsold housing units.
7. There is a debate about whether the government should purchase these unsold apartments.
8. Some large construction companies are giving up on construction projects due to high interest rates and unsold properties.
9. Ulsan has seen a significant increase in the number of unsold units compared to the previous year.
10. The real estate market in Jeonbuk region has seen a decrease in apartment sales and an increase in jeonse agreements.
11. Experts have different opinions on the future direction of the real estate market, with some expecting a rebound in the second half of the year.
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