Seoul housing prices cannot fall in the long term.

It is difficult for the housing prices of a country's capital to fall unless the country's competitiveness significantly deteriorates.
If that were the case, they would fall.
The problem is that if South Korea maintains its current level of competitiveness, a decline in Seoul housing prices is unlikely.
Many people predict a drop in Seoul housing prices by citing the declining population as an example,
but even if housing prices in regions other than Seoul fall, Seoul will not.
For now, the metropolitan transportation system connected to Seoul and the capital area is a great help to those commuting from Gyeonggi and Incheon to Seoul.
As the population gradually decreases, the opposite will actually happen.
It will become a huge advantage for people to buy homes in Seoul and commute to Gyeonggi-do for work.
As the population in Seoul decreases, vacant homes will emerge, and these will eventually be purchased by current residents of Gyeonggi-do.
This will induce a decline in housing prices within the Gyeonggi and Incheon areas.
Therefore, I expect housing prices in the Gyeonggi and Incheon regions to fall significantly in the future.
If you ask how I expect provinces outside the capital area to fare,
I believe that even if they fall, the decline will not be as large as in Gyeonggi and Incheon.
(Based on metropolitan cities with a population of over 1 million)
It is true that provincial areas also rose significantly during the Moon Jae-in administration.
However, provincial areas fell as much as they rose.
In contrast, Seoul fell as much as it rose, but then rose again.
In provincial areas, excluding new constructions, there are almost no cases of breaking previous record highs.
Ultimately, looking at long-term trends, I expect Seoul to continue to rise steadily,
while I believe the Gyeonggi and Incheon regions will actually see a significant decline.
In the case of provinces, metropolitan cities may experience a decline, but it will be to a level they can withstand.
As for small and medium-sized cities with populations under 500,000, they will decline, but I am not sure to what extent.