Korea’s sudden property slump tests world’s most indebted consumers ...Qatar

Gulf Times - News

South Korea’s property market has abruptly gone from sizzling hot to floundering, piling pressure on some of the world’s most debt-saddled consumers as the sector experiences the fastest interest rate hikes on record. Prices of Seoul apartments last week reported their sharpest decline in 26 months, while transaction volumes in the capital dropped 73% in June from a year earlier. The 2.6qn won ($1.97tn) debt tied to the property market faces a major test as borrowing costs rise, with a slump and higher mortgage repayments likely to result in weaker consumption. With nearly three quarters of household wealth tied to real estate, policymakers worry higher mortgage rates could increase default

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Korea’s sudden property slump tests world’s most indebted consumers ...Qatar

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