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Apartment prices fall in one of Pyongyang’s newest districts

Apartment prices in one of Pyongyang’s newer housing districts have fallen from about $70,000 to roughly $60,000, and sales have slowed sharply, as a cash crunch and a steady stream of new construction cool the North Korean capital’s informal housing market. “Homes that used to go for $70,000 now sell for as little as $60,000. […]

dailynk.com ·

Apartment prices in one of Pyongyang's newer districts, Songsin-Songhwa, have fallen from about $70,000 to around $60,000 as the market cools due to a cash crunch and new construction. Sales have slowed sharply, with only a few deals being made per month. The source, a Daily NK contact, attributes the drop in prices to a lack of liquidity and the abundance of new homes on the market.

Despite the falling prices, some units that once sold for $70,000 now go for $60,000. The market is showing a wider price gap between new construction, with some units listing for $160,000 in 2022. The value of a home in Pyongyang is not only based on its age but also its location, with Hwasong district being a priority development area for the authorities.

In contrast, Songsin-Songhwa district is situated in Sadong district, further away from central Pyongyang. Recent reports from 2023 found that apartments in Jung district, Pyongyang's traditional center, were asking prices of $350,000 to $600,000 due to its proximity to major institutions. Living conditions within apartments also impact their value, with electricity and elevators often unreliable in newer buildings.

Written by urgent.news from Daily NK's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

Read the original at dailynk.com →

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