Seoul Releases 22-Day Transaction Analysis Before and After Redevelopment Restriction Lift
Jamsil Standard Apartment Price Rises 1% from 2.69 Billion to 2.71 Billion KRW
Only 5 Out of 13 Actual Transactions in Jamsil Showed Price Decreases
Among the major complexes in Jamsil, the Jamsil Els 국민평형 (84㎡) has surpassed 3 billion KRW, reflecting an increase in transaction prices in the Gangnam 3 districts. However, the Seoul Metropolitan Government stated on the 9th that "actual transaction prices show a mix of increases and decreases, and the average price increase rate is minimal."
'Cancellation of Land Transaction Permission Zone Designation' What is the housing price situation in Songpa-gu?(Seoul=Yonhap News) Reporter Kim Seong-min = Amid an overall slump in the real estate market, Seoul City lifted the designation of land transaction permission zones on the 12th in areas where apartment demand is concentrated, including Jamsil-dong in Songpa-gu and the Samsung, Daechi, and Cheongdam-dong areas in Gangnam-gu.
The photo shows a real estate office in Songpa-gu, Seoul, with a notice related to real estate sales posted on February 13, 2025.
Photo by Kim Seong-min
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On the same day, Seoul released explanatory materials comparing actual transaction data for 22 days before and after the lifting of the redevelopment restriction in Jamsil, Samsung, Daechi, and Cheongdam areas as of the 13th of last month. During this period, the total number of transactions increased by 9, from 78 before the lifting to 87 after.
The transaction volume is based on reported transactions as of the 6th, and reporting can be extended up to 30 days from the contract date, so the number may increase.
According to the data released by Seoul, the average transaction price per square meter for 305 complexes in Jamsil, Samsung, Daechi, and Cheongdam decreased by 1.3%, from 30.2 million KRW before the lifting (January 22 to February 12) to 29.82 million KRW after (February 13 to March 6).
However, for the 84㎡ units, the transaction price increased by 1%, from 2.69 billion KRW before the lifting to 2.71 billion KRW after the lifting over the 22-day period.
Seoul explained, "While there are cases of price increases, many cases of price decreases compared to previous transactions have also been confirmed. Our rapid response team’s on-site inspections found an increase in listings with raised asking prices, but the gap between these prices and what buyers are willing to pay is large, so few transactions have been concluded at these higher prices."
However, among the 13 actual transaction records of apartments in Jamsil released by Seoul, only 5 transactions showed a price decrease.
On the 25th of last month, an 84㎡ unit on the 6th floor of Jamsil Els was traded at 2.2 billion KRW, down 450 million KRW from the previous transaction. The next day, an 84㎡ unit on the 14th floor was contracted at 3 billion KRW, up 150 million KRW from the previous transaction of 2.85 billion KRW.
In Samsung-dong, Daechi-dong, and Cheongdam-dong, only 3 out of 9 transactions showed price decreases. On the 24th of last month, an 84㎡ unit in Sambu Agreville was traded at 1.8 billion KRW, up 250 million KRW from the previous transaction, and on the 21st, an 81㎡ unit in Daerim Apartment in Cheongdam-dong was traded at 2.1 billion KRW, up 110 million KRW.
Earlier, in the 'Weekly Apartment Price Trend' for the first week of March announced by the Korea Real Estate Board on the 6th, Songpa-gu recorded a 0.68% increase in just one week, marking the largest rise since February 2018. Seocho-gu (0.49%) and Gangnam-gu (0.52%) also saw increased growth rates compared to the previous week. The price change rate for the southeastern Seoul area, including Gangdong-gu, was 0.48%. As of the fourth week of February, the price increase rates were 0.58% for Songpa-gu, 0.26% for Seocho-gu, and 0.38% for Gangnam-gu.
Meanwhile, Seoul announced plans to jointly monitor transaction trends in the Gangnam 3 districts as well as Mapo, Yongsan, and Seongdong districts with the Ministry of Land, Infrastructure and Transport and local governments, based on the results of the real estate market and supply situation inspection task force.
Seoul stated, "We will thoroughly investigate acts that disrupt real estate transaction order, such as false listings, advertising, and collusion, and will take strong action under a zero-tolerance policy, including requesting investigations and notifying the National Tax Service when illegal activities are detected."
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