[One Month After the October 15 Measures] No Listings in Nowon, Dobong, Gangbuk... No Buyer Inquiries in Mapo [Real Estate AtoZ]

Harder to Upgrade Due to Loan Restrictions
Seoul Apartment Listings Down 12%
Buyer Sentiment Weakens in "Targeted" Mapo
Demand Concentrates in Mid- and Lower-Tier Areas Eligible for 600 Million Won Loans
Experts: "Supply Shortage Is Bu

One month after the implementation of the real estate measures, both the number of apartments for sale and actual transactions in Seoul have decreased. Although the market has cooled significantly, it is still difficult to expect housing prices to stabilize. Sellers, finding it harder to upgrade to better properties, are either withdrawing their listings or raising their asking prices, while real demand continues to focus on mid- to lower-tier areas. Experts believe that it will take more time to see whether there will be a reversal in housing prices.

Since the government announced the 'Housing Market Stabilization Measures' for Seoul and some areas of Gyeonggi Province, the outlook is that real estate transactions will shrink. On October 16, 2025, a real estate consulting listing board in Mapo, Seoul, was completely empty. Photo by Dongju Yoon

Both Listings and Transactions Have Plummeted

According to the Ministry of Land, Infrastructure and Transport’s actual transaction price system on November 17, the number of apartment transactions in Seoul dropped by 75.86%, from 111,175 cases in the month before the announcement of the measures (September 16 to October 15) to 2,698 cases after the announcement (October 16 to November 14). The number of listings also fell by 12%, from 67,764 on October 19, right after the announcement, to 59,900 as of November 13. According to the real estate platform Asil, the largest decreases in listings were in Seongbuk District (-23%), Gangdong District (-22%), Seodaemun District (-21%), and Mapo District (-20%).

In Nowon, Dobong, and Gangbuk districts, both listings and transactions have sharply declined. An agent in Hagye-dong, Nowon District, said, "There are no listings, and most sellers are holding out for higher prices. Even when customers are looking for smaller units, there are no suitable properties available." An agent in Ssangmun-dong, Dobong District, commented, "There are many inquiries, but transactions are not happening because owners are not putting properties on the market. Most people who wanted to sell rushed to do so before the land transaction permit system was designated, and existing owners, facing loan restrictions and difficulties due to the permit system, have locked up their properties." The owner of a real estate agency in Mia-dong, Gangbuk District, said, "Even when owners list their homes, they are raising the price by 20 million won. They want to move to a better area, but with loans unavailable, they don't feel pressured to sell quickly."

In Mapo District, both listings and asking prices remain unchanged, but buyer sentiment has weakened. The head of a real estate agency in Yeomni-dong, Mapo District, said, "Some sellers missed their chance to sell because transactions were delayed after the announcement of the measures. Loan regulations have made it harder for buyers to downsize. Buyers are looking for urgent sales, but sellers are not budging." Another agent near Maporaemian Prugio explained, "Listings and asking prices for properties put up before the October 15 measures remain unchanged. With no buyers, there is no opportunity to raise prices. The market price is in the low to mid-2 billion won range, so only those with at least 1.8 billion won in cash can now enter this area."

Demand Remains Strong for Properties Around 1 Billion Won... Experts Say "Demand Pressure Is Building"

In areas with many older apartments priced around 1 billion won, demand remains solid. Newlyweds and young people are shifting from jeonse (long-term deposit leases) to purchases, or are using first-time homebuyer benefits to take out loans of up to 600 million won to buy apartments. From the start of the land transaction permit system to November 14, the districts with the most permit applications were Nowon (286 cases), Seongbuk (249 cases), and Gangseo (226 cases). In contrast, Mapo (98 cases) and Seongdong (66 cases), where prices have surged, saw relatively fewer applications.

Kim Seonghwan, a research fellow at the Construction Industry Research Institute, said, "Apartments accessible with a 600 million won loan are still seeing some transactions, but those at higher price points are struggling. Supply will remain limited, and as more people believe they can buy once regulations are eased, demand pressure continues to build."

Yoon Sumin, a real estate specialist at NH Nonghyup Bank, commented, "Those who had to sell have already done so, and only those who can afford to wait and see remain, so buyers are limited to a narrow selection of properties. Although Nowon, Dobong, and Gangbuk are not areas with high external inflows, making them subject to the land permit system, it will be difficult to lift these restrictions soon due to concerns about aftereffects."

Kim Hyoseon, Chief Real Estate Specialist at NH Nonghyup Bank, added, "Transactions in Mapo and Seongdong have dropped because prices have risen too much, while Nowon, Dobong, and Gangbuk mostly have mid- to low-priced listings and have potential for price increases if reconstruction issues are resolved. However, since it is often difficult to transfer union membership status, transactions are inevitably limited. In Seongbuk and Gangseo as well, older apartments are still within the 600 million won loanable price range, so demand could shift from jeonse to purchases."