The consumer sentiment index for those looking to purchase dwellings in Seoul has surged significantly in just a month.
According to the 'May Real Estate Consumer Sentiment Survey' released by the Korea Research Institute for Human Settlements on the 17th, the consumer sentiment index for the dwellings sales market in Seoul rose by 11 points from the previous month to 131.5.
The index for Seoul climbed from 110.4 in January to 124.7 in February and 136.1 in March. However, it dropped to 120.5 in April as the designated areas for land transaction permits expanded. Nevertheless, the index has risen again in just a month as Seoul's housing prices have started to shift.
The consumer sentiment index for the real estate market is based on a benchmark of 100; a reading above this indicates that more respondents expect price increases and transaction growth compared to the previous month. A reading below 95 represents a downturn, while readings from 95 to below 115 are considered stable, and those above 115 indicate an uptrend.
The index for the metropolitan area has also entered an uptrend at 118.3. The nationwide consumer sentiment index for the dwellings sales market recorded 113, which is a 4.3-point increase from the previous month (108.7), but still falls within the stable range.
The consumer sentiment index for the dwellings sales market in Sejong was 133.2 in May, down 24.4 points from the previous month (157.6). This decline is interpreted as the expectation regarding the transfer of the presidential office to Sejong during the presidential election period has diminished.
This survey was conducted between May 19 and June 10 and reflects the sentiment situation following the June 3 presidential election.