From Chosun.com: The feeling in the construction industry is that the economy is worse than during the Asian crisis 10 years ago. Several indicators are reminiscent of the economic crisis, chiefly plummeting property prices and soaring interest rates.
According to the annual housing pricing index by the Kookmin Bank, property prices, which had been rising until early 1997, plunged in 1998. The index for the price of apartments, at 55.8 in 1997, dropped to 48.2 the next year. The figure by itself suggests a 14 percent drop, but in fact the price of apartments in the Seoul metropolitan area plummeted by over 20 percent in less than a year…… Full Article: Source