Countries such as Australia, Canada, the Netherlands, Norway and Sweden share the same mix of high household debt and frothy property prices. They are in for a rocky ride
Save time by listening to our audio articles as you multitaskMr Kim is not alone in his worries. Across the rich world, property markets look precarious. Few are in as bad shape as South Korea’s. House prices fell by 2% in December alone, the biggest monthly drop since official figures began in 2003. The slump has been particularly brutal for apartments in Seoul: prices are down by 24% since their peak in October 2021.
The broader economy is feeling the pinch. Private consumption fell by 0.4% in the fourth quarter of 2022. And exports, which dropped by 17% year-on-year in January, have hardly cushioned the blow. They were hit by a collapse in semiconductor orders at the end of a pandemic-era boom in electronics sales. This sluggishness will only add to the drag on house prices.
In a downturn, some landlords are forced to make firesales to reimburse departing tenants, having invested in risky assets, including more housing, and lost the money. Stories about sudden defaults and vanishing “villa kings”, owners of dozens of rental properties, proliferate.
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