Zigbang "Over Half of Seoul Apartment Transactions from January to June Exceed 900 Million Won"

12,396 Transactions Over 900 Million Won, 53.1% of Total
Seocho 94.6%, Yongsan 94.4%, Gangnam 92.9%

In the first half of this year, the proportion of apartment transactions exceeding 900 million KRW in the Seoul apartment sales market surpassed half.

On the 15th, real estate information company Zigbang analyzed apartment sales transaction data from the Ministry of Land, Infrastructure and Transport and found that the number of apartment transactions exceeding 900 million KRW in Seoul during the first half of this year (January to June) was 12,396. This accounts for 53.1% of the total transactions in Seoul (23,328). This is the highest figure since statistics began being compiled in 2006. Compared to the second half of last year (7,964 transactions), it increased by 55.7%.

[Image source=Yonhap News]

Zigbang analyzed, "As transaction volume increased, sales prices rose, and the absolute price level of Seoul apartments became higher, reducing low-priced transactions." According to Zigbang, the proportion of transactions between 600 million KRW and 900 million KRW increased by 37%, those between 300 million KRW and 600 million KRW increased by 21.2%, while transactions below 300 million KRW decreased by 15.3% in the first half of this year.

By district, Seocho-gu recorded 94.6%, Yongsan-gu 94.4%, Gangnam-gu 92.9%, Seongdong-gu 89.7%, and Songpa-gu 87.8%, in descending order. The proportion of transactions exceeding 1.5 billion KRW was also centered in the Gangnam area, with Seocho-gu at 79.6%, Gangnam-gu at 73.7%, Yongsan-gu at 67.5%, and Songpa-gu at 51.5%.

Zigbang explained, "As Seoul's sales transactions have shown an increasing trend for four consecutive months, with the recent postponement of the second stage Stress Debt Service Ratio (DSR) implementation, demand for refinancing to catch the last train for loans is increasing, and the premium on high-priced housing is becoming more prominent. Therefore, the proportion of transactions exceeding 900 million KRW and 1.5 billion KRW will further increase." They added, "In particular, transactions are expected to continue for the time being mainly in preferred areas such as the Gangnam area with excellent locational conditions, or Mapo, Yongsan, and Seongdong."