S. Korea Financials: May Property Market Update

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S. Korea Financials: May Property Market Update

Update

July 9, 2026 12:06 PM GMT

Morgan Stanley & Co. International plc, Seoul Branch+MS. Korea Financials | Asia Pacific Joon Seok

Equity Analyst

May Property Market Update Joon.Seok@morganstanley.comHeewon Choi +82 2 399-4934

Heewon.Choi@morganstanley.com +82 2 399-4836

Key Takeaways Minseo Kang

Research Associate

Housing transaction volumes continue to diverge by region, with Seoul trending Minseo.Kang@morganstanley.com +82 2 399-4816

higher (+11% M/M) while provincial area declined (-10.5% M/M).

Supply indicators are mixed. Permits (+64%) and construction commenced

(+28%) increased Y/Y in Seoul Metro, but completions declined (-67%).

Housing prices continue to rise in Seoul (+0.8% M/M vs. +0.5% in May) and the

Metro area (+0.5% M/M vs. +0.3% in May). S. Korea Financials

Asia Pacific

Mortgage lending being tightened further by the banks; we expect this trend to Industry View Attractive

continue. Please refer to related reports below:

Waiting for more clarity on what additional real estate market policies will be Korea Macro Strategy, Equity Strategy &

implemented with focus expected to be taxation. Economics: Why Is KRW So Weak? (9 Jul 2026)

S. Korea Financials: In Waiting Mode (18 May

With Seoul Metro real estate market continuing to be active, driven by wealth effect 2026)

and rising rental pricing, we believe the government will come out with more 2026 South Korea Mid-Year Outlook: Mettle to

restrictive policy initiatives. Sail Rough Seas (12 May 2026)

S. Korea Financials: March Property Market

The government recently designated three districts in Gyeonggi Province as

Update (10 May 2026)

speculative and adjustment zones following price increases in areas near the major

S.