Real Estate Planet's '2023 Nationwide Real Estate Type Sales Transaction Characteristics Report'
Sales Volume and Transaction Amount Both Decline for 3 Consecutive Years
As the government announced that it will freeze the actualization rate of publicly announced real estate prices at the 2020 level, on the 21st, sale and jeonse prices are posted at an apartment complex in Seoul. Photo by Kang Jin-hyung aymsdream@
Last year, the nationwide real estate transaction volume decreased compared to 2022, which was recorded as an unprecedented recession, setting a new all-time low since the Ministry of Land, Infrastructure and Transport began disclosing actual transaction prices in 2006. Both annual sales transaction volume and transaction amount declined for the third consecutive year. Except for apartments, the transaction volume and amount for all other types decreased compared to the previous year, 2022.
According to the "2023 Nationwide Real Estate Transaction Characteristics Report by Property Type," analyzed by real estate specialist company Real Estate Planet based on the Ministry of Land, Infrastructure and Transport's actual transaction price data (as of February 1, 2024), the total real estate sales transaction volume nationwide last year was recorded at 1,006,019 cases. This is an 8.8% decrease compared to 1,102,854 cases in the previous year.
This is the lowest level since the Ministry of Land, Infrastructure and Transport began disclosing actual transaction prices in 2006. It has decreased for three consecutive years since the record high in 2020 (1,935,031 cases). The sales transaction amount also declined for the third consecutive year, falling to 305.0259 trillion KRW. Compared to the 2022 transaction scale of 312.0187 trillion KRW, it dropped by 2.2%.
Except for apartments, which saw sales volume and transaction amount increase by 46.9% and 101% respectively compared to the previous year, all other types showed a decrease in transaction figures. The transaction volume of multi-family and row houses recorded the highest decline rate, dropping by 33%. This was followed by officetels (-32.8%), commercial and office buildings (-29.1%), single-family and multi-family houses (-26.7%), land (-24.2%), and shops and offices (-20.6%).
In terms of transaction amount, commercial and office buildings decreased the most among all types, down 46.5% compared to the previous year. This was followed by single-family and multi-family houses (-37.9%), land (-37.2%), officetels (-30.9%), and multi-family and row houses (-28.8%).
Apartments were the only type to show an upward trend. The nationwide apartment sales volume in 2023 was 377,504 cases, a 46.9% increase compared to 256,979 cases in 2022, and the transaction amount rose 101% from 74.9973 trillion KRW in 2022 to 150.7732 trillion KRW. However, from August (36,734 cases) to December (24,079 cases) last year, the volume declined for four consecutive months.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
