Even Gangnam Is Helpless... Gangnam Gaepo Jugong 6 Complex Drops 900 Million Won Sharply

Zigbang Nationwide Apartment Sale Actual Transaction Price Analysis

[Asia Economy Reporter Minyoung Kim] Seoul apartments are increasingly returning to prices from three years ago. In particular, apartments in Gangnam, Seoul, which were considered a real estate stronghold, have seen the largest price drops in the past year. Due to the sharp rise in interest rates rapidly cooling the real estate market, Seoul apartments are returning the gains they had made and are being traded at prices several hundred million won lower than the previous record highs.

On the 11th, Zigbang analyzed the nationwide apartment transaction prices from the Ministry of Land, Infrastructure and Transport and found that the apartment with the largest price drop in the past year (as of the 7th) was Gaepo Jugong Complex 6 in Gaepo-dong, Gangnam-gu. The 83㎡ unit of Gaepo Jugong Complex 6, completed in 1983, was brokered at 1.9 billion won in December last year. This is 900 million won lower than the new low price of 2.8 billion won recorded in January 2022. The Woosung 4th Complex 115.8㎡ in Jamsil-dong, Songpa-gu, also changed hands last month for 1.45 billion won. It dropped 530 million won from the previous new low price, ranking second in terms of price decline.

[Image source=Yonhap News]

The third largest price drop was recorded at Raemian Solvenue (59.3㎡) in Myeongil-dong, Gangdong-gu, which sold for 930 million won in December last year, 515 million won lower than the previous new low price. The Daelim 125.1㎡ in Bangi-dong, Songpa-gu, was traded at 1.6 billion won last March 16, down 500 million won from 2.1 billion won, and the Lake Palace 60.0㎡ in Jamsil-dong, Songpa-gu, sold for 1.4 billion won, 440 million won lower than the previous new low price of 1.84 billion won, placing it among the top complexes with the largest price drops.

The trend of new low prices was widespread across regions. Yongsan Park Xi (123.1㎡) in Hangangno 1-ga, Yongsan-gu; Nature & Hillstate (84.6㎡) in Iui-dong, Yeongtong-gu, Suwon; Hillstate Cheonggye (85.8㎡) in Dapsimni-dong, Dongdaemun-gu; Donam-dong Samsung (114.7㎡) in Donam-dong, Seongbuk-gu; Raemian Hillstate Godeok (59.3㎡) in Godeok-dong, Gangdong-gu; Hansol Village Complex 2 (101.8㎡) in Jeongja-dong, Bundang-gu, Seongnam; and Gwangmyeong Station Area Humansia Complex 3 (74.9㎡) in Soha-dong, Gwangmyeong, Gyeonggi-do all rewrote their new low price records, finding new owners at prices 300 million to 500 million won lower than before.

On the other hand, the place with the largest price increase during the same period was Haeundae Xi Complex 2, Phase 1 (85.0㎡) in U-dong, Haeundae-gu, Busan, which sold for 1.085 billion won on the 12th of last month, 235 million won higher than the previous record high of 850 million won. Guro Jiwell 59.7㎡ in Guro-dong, Guro-gu, Seoul, was brokered at 860 million won in December last year, rising 222 million won to rank second. Third place was Gwangmyeong Arcfore Xi Weave 40.2㎡ in Gwangmyeong, Gyeonggi-do, which sold for 520.78 million won last month, 207.8 million won higher than the previous record high of 320 million won (2022).