Seoul Apartment Listings Slightly Increase After 2·4 Measures... Songpa-gu Up 2.6%

Songpa's Representative New Helio City, Increasing Listings and Some Price Drops

Apartment complexes in downtown Seoul as seen from 63 Square in Yeouido, Seoul
[Image source=Yonhap News]

[Asia Economy Reporter Lim On-yu] It has been revealed that the number of apartment listings in Seoul has increased following the announcement of the 2·4 measures, which aim for large-scale housing supply led by the public sector.

According to Asil (Apartment Real Transaction Price), a real estate big data company, as of the 11th, seven days after the announcement of the 2·4 measures, the number of apartment listings in Seoul slightly increased by 0.2%, from 40,440 to 40,532.

The district with the highest increase rate in listings was Songpa-gu (2.6%). This was followed by ▲Guro-gu (2.0%) ▲Gwangjin-gu (1.9%) ▲Eunpyeong-gu (1.7%) ▲Yongsan-gu (1.6%) ▲Yeongdeungpo-gu and Jung-gu (1.5%).

Helio City, a large complex with about 9,500 households in Songpa-gu, has recently seen an accumulation of listings, with some urgent sale properties appearing as asking prices have dropped. For example, an 84㎡ (exclusive area) unit that was contracted last month on the 12th at a price of 2.19 billion KRW currently has listings around the 1.9 billion KRW asking price.

Outside Seoul, during the same period, listings increased in ▲Gwangju and Daegu (3.3%) ▲Sejong (2.7%) ▲Ulsan (1.7%) ▲Jeonbuk (0.6%) ▲Busan (0.4%) ▲Chungnam (0.3%) ▲Gyeongnam (0.2%).

Earlier, on the 4th, the government announced the 2·4 measures, which include plans to supply 323,000 households in Seoul alone and 836,000 households nationwide by 2025, led by the public sector. Given the clear supply signals and the fact that from June 1 the burden of property holding tax will increase and capital gains tax rates will rise significantly, it is expected that the number of urgent sale properties priced lower than previous transaction prices will increase.

Park Won-gap, Senior Real Estate Specialist at KB Kookmin Bank, said, "The first half of this year could be an opportunity for real demand buyers to purchase homes at lower prices," adding, "The optimal time is expected to be from late March to early April."