Gangnam 3 Districts Lead Seoul Apartment Price Increase
Record-High Transactions in Trizium, Cheongdam ePyeonhansesang
Mixed Trends in Metropolitan and Provincial Markets
Decline in Sale Prices Narrows Outside Seoul
The so-called "Jam-Sam-Dae-Cheong" (Jamsil, Samseong-dong, Daechi-dong, Cheongdam-dong) apartment sale prices have seen a greater increase following the announcement of the lifting of Seoul's land transaction permit zone (LTPZ) regulations. On February 12, the Seoul Metropolitan Government simultaneously lifted the LTPZ designation for 291 apartment complexes located in the Jam-Sam-Dae-Cheong area.
According to the weekly nationwide apartment price trends for the third week of February, released by the Korea Real Estate Board on the 21st, apartment prices in Songpa-gu, Seoul, rose by 0.36% from the previous week, mainly in Jamsil and Sincheon-dong. In Gangnam-gu, prices increased by 0.27%, led by Daechi and Cheongdam-dong. Seocho-gu also saw a 0.18% rise. As a result, the three districts of Gangnam (Songpa-gu, Gangnam-gu, Seocho-gu) drove the overall increase in Seoul apartment prices, which rose by 0.06%, up by 0.04 percentage points from the previous week's 0.02%.
In fact, the Jam-Sam-Dae-Cheong area has recently seen a surge in record-high apartment transactions. On February 14, a 84.97-square-meter unit in Trizium-one of the leading complexes among Els, Ricentz, and Trizium in Jamsil-dong-was traded for 2.51 billion won, setting a new record. On February 15, a 97.19-square-meter unit in Cheongdam 4th ePyeonhansesang was sold for 2.38 billion won, also reaching a new high. Even in Jamsil Jugong 5th Complex, which is still subject to LTPZ regulations as a redevelopment complex, an 82.51-square-meter unit was sold for a record 3.455 billion won.
The Korea Real Estate Board stated, "In Seoul, while there is a mixed trend of increases and decreases depending on the area and complex, selling price expectations have risen and record-high transactions have been made in redevelopment and major preferred complexes, resulting in a greater increase compared to last week."
Meanwhile, the decline in apartment sale prices in the Seoul metropolitan area narrowed compared to the previous week, decreasing by 0.02 percentage points from 0.03% to 0.01%. Unlike Seoul, Incheon (-0.06%) and Gyeonggi (-0.04%) continued to decline. In the provinces, the downward trend persisted, but the rate of decline eased slightly from 0.05% last week to 0.03% this week.
Nationwide, apartment jeonse (long-term lease) prices, which had fallen by 0.01% the previous week, turned flat in the third week. The metropolitan area shifted from 0.00% to a 0.01% increase, Seoul maintained its 0.02% increase, and the provinces continued to see a 0.01% decrease.
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