Realtors Enjoy Bonanza in Home Price Bubble

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August 20, 2021 11:48

Realtors are enjoying a once-in-a-lifetime bonanza as the apartment price bubble inflates to record levels.

One gauge of their success is that fewer estate agents than at any time in 19 years closed their doors in the first half of this year after housing transactions hit a record high of 1.28 million in 2020.

According to the Korea Association of Realtors on Thursday, 9,302 real estate agencies opened their doors in the first six months, 5,822 shut down, and 421 suspended business.

/Newsis

The last time there were so few closures in this oversaturated market was in the first half of 2002. The number has been dwindling since the first half of 2018. As a result, there were a whopping 114,617 realtors in business as of Thursday, up more than 10,000 since 2017.

And still more people are taking the annual license exam. No fewer than 408,492 people signed up for this year’s exam before applications closed on Aug. 13, up a staggering 65,000 on-year and an all-time high.

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