National Apartment Winning Bid Rate Recovers... Exceeds 85% for 3 Consecutive Months

May Nationwide Apartment Winning Bid Rate 85.4%
Seoul Songpa, Yongsan, Gangnam Exceed 90%

The nationwide apartment bid-to-price ratio has been above 85% for three consecutive months, showing signs of recovery. In Seoul, there were notable regional differences, with Songpa, Yongsan, and Gangnam districts showing strong performance.

According to the 'May Auction Trend Report' released on the 10th by Gigi Auction, a specialized company in auction and public sale data, the nationwide apartment bid-to-price ratio last month was 85.4%. Although it slightly decreased from the previous month (86.1%), it remained above the 85% mark for three consecutive months. The number of apartment auctions nationwide last month was 2,903, down by 241 from the previous month (3,144). The success rate was 38%, down 2.6 percentage points from the previous month (40.6%). The average number of bidders was 7.8, maintaining a similar level to the previous month (8.0).

Looking at the regions, Seoul's apartment bid-to-price ratio last month was 89.1%, down 1.5 percentage points from the previous month (90.6%). Major areas in Seoul such as Songpa-gu (100.7%), Yongsan-gu (95.1%), and Gangnam-gu (93.7%) showed a clear strong bid-to-price ratio, while outer districts like Gangbuk-gu (69.6%) and Dobong-gu (76.3%) showed weakness. The number of auctions conducted was 275, down 76 from the previous month (351). The success rate was 42.5%, down 2.8 percentage points from the previous month (45.3%). Gigi Auction explained, "The success rate appears to have declined because the proportion of new cases increased relative to the number of failed auctions." The average number of bidders increased by 0.9 from the previous month (7.7) to 8.7.

The bid-to-price ratio for apartments in Gyeonggi Province last month was 86.4%, down 1.3 percentage points from the previous month (87.7%). The number of auctions conducted was 599, down 51 from the previous month (650), and the success rate was 40.4%, down 7.0 percentage points from the previous month (47.4%). The average number of bidders was 10.1, down 1.3 from the previous month (11.4), but it has maintained double-digit competition for six consecutive months.

Incheon apartments recorded a bid-to-price ratio of 82.5%. Thanks to newly built apartments, this rose 3.2 percentage points from the previous month (79.3%). The number of auctions conducted was 270, about 24% higher than the previous month (217), and the success rate increased by 3.9 percentage points to 38.9% from the previous month (35.0%). The average number of bidders increased by 1.8 from the previous month (8.7) to 10.5.

Among the five major metropolitan cities in the provinces, the bid-to-price ratios for apartments in Daegu, Busan, and Gwangju increased. Daegu apartments recorded 86.9%, up 1.5 percentage points from the previous month (85.4%). This is the highest level in 2 years and 1 month since April 2022 (91.9%). Busan rose 1.2 percentage points to 79.0%, and Gwangju increased 0.6 percentage points to 83.3%. The region with the largest decline was Ulsan (82.7%), down 4.5 percentage points from the previous month (87.2%). Daejeon (87.6%) fell slightly by 0.1 percentage points from the previous month (87.7%).

Among the eight provinces, Gangwon's apartment bid-to-price ratio rose 9.1 percentage points from the previous month (83.8%) to 92.9%, surpassing the 90% mark for the first time in 1 year and 8 months since September 2022 (99.4%). Gyeongnam (81.0%) and Chungbuk (87.8%) increased by 3.8 and 2.6 percentage points respectively from the previous month, and Chungnam (82.3%) rose by 0.3 percentage points. Jeonbuk recorded 76.4%, down 4.2 percentage points, while Gyeongbuk (80.0%) and Jeonnam (78.8%) fell by 3.8 and 1.1 percentage points respectively. Jeju and Sejong recorded apartment bid-to-price ratios of 80% and 82.8% respectively last month.