[Asia Economy Reporter Kim Hyemin] It has been confirmed by data that residents of Gangnam-gu, Seoul, are the 'big players' in the real estate market. Over the past nine years, they have purchased 330,000 real estate properties solely within the metropolitan area. They were found to have bought properties in multiple regions, deviating from the usual pattern of purchasing real estate in adjacent areas.
According to an analysis of 'inter-regional real estate transactions' based on court registration data by the Seoul Institute on the 2nd, the people who bought the most real estate in the metropolitan area from 2012 to 2020 were residents of Gangnam-gu. During this period, residents of Gangnam-gu purchased a total of 330,000 properties, the largest share nationwide. Based on the average per 1,000 population, they ranked first with 53.3 transactions.
Among Seoul residents, Songpa-gu residents (247,000 transactions) and Seocho-gu residents (213,000 transactions) followed. In the Gangnam 3 districts alone, there were a total of 790,000 transactions, revealing that residents of the Gangnam 3 districts have aggressively purchased metropolitan real estate. In the metropolitan area, the order was Hwaseong citizens (310,000), Bucheon citizens (300,000), and Bundang-gu, Seongnam citizens (232,000).
Gangnam-gu residents also had the highest ratio of external purchases, buying real estate in areas where they do not reside. Of the 330,000 transactions, 270,000 (81.3%) were purchases of real estate outside Gangnam-gu but within Seoul or the metropolitan area. In Munjeong-dong, Songpa-gu alone, the purchase volume reached 3,787 transactions. They actively bought real estate in most districts except the downtown and northwest areas. This indicates a deviation from the typical transaction pattern of purchasing real estate in adjacent areas. Cases of additional purchases within Gangnam-gu were only 60,000.
On the other hand, it was not easy for residents of other areas to enter Gangnam-gu. The region with the highest cumulative net purchase volume of metropolitan real estate was also Gangnam-gu. The amount of real estate purchased by Gangnam-gu residents in other areas was 122,000 transactions more than the amount purchased by residents of other areas in Gangnam-gu.
The Seoul Institute stated in its report, "Gangnam-gu has consistently purchased real estate over nine years to an extent that shows a significant difference from adjacent Songpa-gu and Seocho-gu," adding, "Although the purpose of the purchases is difficult to distinguish, it is necessary to consider what impact the concentration of real estate ownership in one area's residents across many regions may have on our society."
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