Half of Seoul Apartment Transactions in the New Year Are Record Highs

Real estate stock photo / Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Yuri Kim] More than half of the apartment transactions in Seoul since the beginning of the new year have been record-high price deals.

According to the Ministry of Land, Infrastructure and Transport's Real Estate Transaction Disclosure System and the Seoul Real Estate Information Plaza on the 13th, the number of reported apartment transactions in Seoul (based on contract date) up to the previous day since the new year is 125. Among these, more than half, 65 transactions, were record-high price deals.

Record-high transactions occurred in most areas, regardless of Gangnam or Gangbuk. In particular, record-high transactions stood out in the major Seoul areas known as ‘Ma-Yong-Seong (Mapo, Yongsan, Seongdong districts)’. Among the four transactions in Mapo-gu since the new year, three were record-high deals, and in Yongsan and Seongdong districts, the single transaction each since the new year was also at the highest price. An 84.96㎡ (exclusive area) apartment in Gongdeok The Sharp, Gongdeok-dong, Mapo-gu, was sold on the 2nd for 1.693 billion KRW (23rd floor), setting a new record. This is 43 million KRW higher than the previous record of 1.65 billion KRW (13th floor) set in June last year. A 114.6㎡ apartment in Gangchon, Ichon-dong, Yongsan-gu, was sold on the 7th for 2.19 billion KRW (15th floor), which is 145 million KRW higher than the previous record of 2.045 billion KRW (11th floor) in October last year.

Record-high prices also surged in the outskirts of Seoul. In Nowon-gu, 6 out of 10 transactions, in Dobong-gu, 3 out of 4, in Gangbuk-gu 2 transactions, in Geumcheon-gu 1 out of 3, in Gwanak-gu 3 out of 5, and in Guro-gu 5 out of 13 transactions were record-high deals. In Nowon-gu, a 37.46㎡ apartment in Jugong 3rd Complex, Sanggye-dong, was sold on the 4th for 590 million KRW, which is 57.5 million KRW higher than the 532.5 million KRW transaction in July last year. In Dobong-gu, a 49.77㎡ apartment in Sinchang, Chang-dong, was sold on the 6th for 353 million KRW (7th floor), 8 million KRW higher than the previous record. In Geumcheon-gu, a 76.51㎡ apartment in Doksan Jugong 14th Complex, Doksan-dong, was sold on the 5th for 570 million KRW (15th floor), breaking the previous record by 15 million KRW.

Meanwhile, in the ‘Gangnam 3 districts (Gangnam, Seocho, Songpa districts)’, where ultra-high-priced apartments are concentrated, 4 out of 12 transactions in Gangnam-gu and 2 out of 4 in Songpa-gu were record-high deals. However, in Seocho-gu, all 6 reported transactions were contracted at prices lower than the existing highest prices.