But I doubt that the cause is the rising interest rates.
It could be due to the downturn in the Chinese real estate market.
The Chinese have bought a lot of real estate in Korea, Canada (Vancouver), and other countries.
Korean media blames previous progressive administrations for the rise in real estate prices, but it is the conservative government that always has implemented policies that increase real estate prices. Then the progressive government and tries to reel those policies in, while being blamed by the media (and most of the public believes this nonsense).
It is now trying to ease restrictions on real estate development, reduce property taxes and extending credit to home buyers in order to resolve the supposed "housing shortage" (plenty of rentals).
In reality, the rich have a lot of real estate and do not want the prices to fall. The rich also fear inflation. Argentina still has around 60% inflation, I think. Hasn't gone down the drain.
