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Record Apartment Price Drop Adds Korea Property Sector Worries

  • Weekly flat prices fall at fastest pace in at least a decade
  • Rate hikes boost burden on households getting home loans
Korean households rely heavily on loans to buy apartments.

Korean households rely heavily on loans to buy apartments.

Photographer: Ed Jones/AFP/Getty Images

Apartment prices in South Korea recorded their fastest weekly drop on record, in a sign that one of the world’s hottest housing markets may be starting to slump as interest rates climb.

Nationwide prices fell 0.32% at the end of last month, the steepest decline in weekly data going back a decade, according to the Korea Real Estate Board