1. 1.2 Billion KRW Increase in Just 10 Days After Lifting of Land Transaction Permit Zone
2. Songpa-gu Apartment Prices See Largest Rise in 7 Years... Record-Highs in Samseong and Daechi
3. Government to Crack Down on 'Abnormal Transactions' in Gangnam and Mayongsung... Intensive Investigation from the 10th
An 84㎡ exclusive unit in ‘Jamsil Els’ in Songpa-gu, Seoul, has surpassed 3 billion KRW. This is the first time that the 국민평형 (standard apartment size) of the Jamsil ‘Elite (Els, Recenz, Tridium)’ apartments has exceeded 3 billion KRW.
According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system on the 7th, an 84㎡ exclusive unit (14th floor) in Jamsil Els was traded for 3 billion KRW on the 26th of last month. This is an increase of 120 million KRW just ten days after the same unit size (26th floor) in the same complex was traded for 2.88 billion KRW. All of this occurred immediately after the lifting of the land transaction permit zone in the Jamsil, Samseong-dong, Daechi-dong, and Cheongdam-dong areas of Seoul.
Not only in Jamsil but also in the Daechi and Samseong-dong areas, record-high prices continue to be reported. An 84㎡ exclusive unit (7th floor) in Hillstate 1st Complex in Samseong-dong, Gangnam-gu, was traded for 3 billion KRW on the 25th of last month, and an 84㎡ exclusive unit (5th floor) in Raemian Daechi Palace in Daechi-dong was traded for 4 billion KRW, setting an all-time high. An 84㎡ exclusive unit (5th floor) in Gaepo Woosung 2 Apartments in Daechi-dong also set a new record by being sold for 3.5 billion KRW.
According to the nationwide weekly apartment price trend for the first week of March (as of the 3rd) announced by the Korea Real Estate Board, apartment prices in Songpa-gu rose by 0.68% compared to the previous week. This is the highest increase in 7 years and 1 month since February 2018. Gangnam-gu (0.52%) and Seocho-gu (0.49%) also show a clear upward trend.
Meanwhile, on the 5th, the government held the ‘12th Real Estate Market and Supply Situation Inspection Task Force (TF)’ meeting. The Ministry of Land, Infrastructure and Transport and Seoul City will monitor transaction trends in major areas such as the four Gangnam districts and Mayongsung (Mapo, Yongsan, Seongdong-gu) and conduct joint on-site inspections. Additionally, from the 10th through June, they plan to conduct intensive investigations into ‘abnormal housing transactions’ in Seoul, including price manipulation, short-term multiple purchases, excessive borrowing, and illicit loans.
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