Seoul Decline Transaction Ratio 14%, Gyeonggi 30%
From March to June this year, the proportion of apartment sales in Seoul that fell more than 30% below the highest price was 16.9%. However, the proportion of such declining transactions appears to be decreasing.
According to Hogangnono, a subsidiary of the real estate platform Zigbang, 13.6% of apartments sold in Seoul from March to June were transactions that fell more than 30% below the highest price. During this period, 10,299 transactions were completed in Seoul, of which 1,396 were sales that dropped more than 30% from the peak price.
The area with the largest drop compared to the highest price in Seoul was Gaepo Raemian Forest in Gangnam-gu. A 59.92㎡ unit in this complex was sold on the 4th floor for 2.37 billion KRW in September 2020, but in March this year, a unit of the same size on the 14th floor changed hands for 1.3 billion KRW, marking a 45.1% decline from the previous highest price.
The proportion of transactions falling more than 30% below the highest price decreased monthly as follows: 17% in March, 14% in April, 12% in May, and 11% in June.
Meanwhile, nationwide, 25.9% of apartment sales during the same period were transactions that fell more than 30% below the highest price. This means that one out of every four apartments sold this year was a quick sale with a price drop of over 30%. Monthly figures were 29.1% in March, 26% in April, 24.4% in May, and 22.9% in June.
By region, the areas with the highest proportions of transactions falling more than 30% below the highest price were Sejong City (60.9%), Daegu (42.7%), and Incheon (39.7%), in that order.
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