Gaepo Useong Apartment Prices Drop from 5.1 Billion to 3.8 Billion in One Year... Top 5 Lowest New Apartment Prices in Gangnam and Seocho

All Top 4 New Lows in the Past Year Are in Gangnam
Daechi-dong Gaepo Woosung 1 Drops 1.28 Billion KRW
Meanwhile, Ilsan Kintex One City 2 Block Rises 400 Million KRW

Among the nationwide apartments traded this year, 7 out of 10 complexes that recorded new lows within the past year were apartments in Seoul. In particular, the top four apartments with the largest price drops were all located in the Gangnam area, including Gangnam-gu and Seocho-gu, with some declines approaching 1.3 billion KRW.

[Image source=Yonhap News]

According to an analysis by Zigbang on the nationwide apartments traded up to the 9th of this month through the Ministry of Land, Infrastructure and Transport's actual transaction price disclosure system on the 12th, the top 7 out of the top 10 complexes with the largest price drops in the past year were apartments in Seoul (1 in Gangnam, 4 in Seocho, 1 in Mapo, 1 in Songpa). Especially, apartments in the Gangnam area, which saw the largest price increases during the housing price boom, experienced the steepest declines as the housing market entered a downturn. The remaining 3 complexes (ranked 8th to 10th) were located in Gyeonggi Province (2 in Bundang, Seongnam-si, 1 in Suji, Yongin-si).

The apartment with the largest price drop was Gaepo Woosung Complex 1, 158㎡ in Daechi-dong, Gangnam-gu, Seoul, which was brokered last month at 3.82 billion KRW. This price was 1.28 billion KRW lower than the previous transaction and the lowest price within the past year of 5.1 billion KRW. The decline compared to the previous price was 25.1%.

‘Banpo Xi’ 244㎡ in Banpo-dong, Seocho-gu, Seoul, was traded at 7.5 billion KRW in March last year but was brokered at 6.3 billion KRW in March this year, down 1.2 billion KRW, marking the second largest drop. Similarly, Banpo Xi 84㎡ was traded at 3.67 billion KRW in May last year but was brokered at 2.85 billion KRW last March, falling 820 million KRW from the previous price.

Next, Banpo Jugong Complex 1 (140㎡) was brokered at 5.9 billion KRW, down 700 million KRW from the previous lowest price. Mapo Taeyoung 84㎡ in Daehyeong-dong, Mapo-gu, Seoul, was brokered at 1.19 billion KRW, down 540 million KRW from the lowest price within the past year of 1.73 billion KRW. Apartments in the top ten for new lows in Seoul also included Bangbae 1st Hyundai Hometown 59㎡ in Bangbae-dong, Seocho-gu (-530 million KRW), and Jangmi 2 99㎡ in Sincheon-dong, Songpa-gu (-525 million KRW).

In Gyeonggi Province, transactions with price drops exceeding 500 million KRW were also observed. Hyundai I-PARK 1, 184㎡ in Jeongja-dong, Bundang-gu, Seongnam-si, was brokered at 2.18 billion KRW in March this year, which is 500 million KRW lower than the recent new low. Parktown (Lotte) 186㎡ in Sunae-dong, Bundang-gu, was brokered at 1.51 billion KRW, down 490 million KRW from the lowest price within the past year of 2 billion KRW.

On the other hand, among apartments that recorded new highs in the past year, the apartment with the largest price increase was located in Gyeonggi Province. Kintex One City 2 Block 84㎡ in Janghang-dong, Ilsandong-gu, Goyang-si, was traded at 1.25 billion KRW on the 25th of last month, the previous highest price, but was brokered at 1.655 billion KRW on the 30th, just five days later, rising by 405 million KRW. The second highest increase was Gangseo Hillstate 152㎡ in Hwagok-dong, Gangseo-gu, Seoul, which rose about 300 million KRW from 1.485 billion KRW in January to 1.78 billion KRW in March this year. Following that, Geomdan Kumho Eoullim Central 84㎡ in Wondang-dong, Seo-gu, Incheon, was traded last month at 667 million KRW, up about 260 million KRW from 404 million KRW in May last year, ranking third. Among the top 10 for price increases, Gyeonggi Province had the most with 5, followed by Seoul with 3, Incheon with 1, and Busan with 1.