| From Donga.com: The real estate market remains stagnant. Housing prices in the “Bubble Seven” areas, including the affluent Gangnam and Bundang districts around southern Seoul, are declining fast.
Prices have dropped 30 percent after reaching a high in 2006, but no buyers have come forth. The average price of apartments in Seocho-dong in Gangnam fell below one billion won for the first time since November 2006. The market capitalization of old apartments to undergo reconstruction in four affluent areas is 77.55 trillion won (62.9 billion U.S. dollars), down four trillion won (3.2 billion dollars) or five percent. Moreover, around 160,000 units of new apartments remain unsold nationwide..... Full Article: Source
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