Seoul City: "Land Transaction Permission Zone Lifted, House Prices in the Area Rise 2.7%"

“Monitoring Real Estate Transaction Trends and On-site Conditions”

After the Seoul Metropolitan Government lifted land transaction permit regulations on 291 apartments in Songpa Jamsil, Gangnam Samsung, Daechi, and Cheongdam last month, the average housing prices in these areas increased by 2.7%.

According to data analyzed by Seoul City on transactions within 30 days after the land transaction permit zone was lifted, from January 13 to February 14, the average price of apartments in Jamsil, Samsung, Daechi, and Cheongdam was 2.82 billion KRW, a 3.7% increase compared to the 2.72 billion KRW average price during the 30 days before the lift (December 14 to January 12).

Narrowing the analysis to exclusive area of 84㎡, the average price from January 13 to February 14 was 2.7 billion KRW, up 2.7% from 2.63 billion KRW a month earlier.

The transaction volume increased by 77 cases after the land transaction permit was lifted compared to before, based on all apartment sizes. For 84㎡ units, the transaction volume increased by 19 cases.

View of Yeouido apartments from the 63 Building observatory. Photo by Hyunmin Kim kimhyun81@

Specifically, the 84㎡ units in Songpa Jamsil Els, Rescentz, and Trizium saw housing prices decline in January but rise by 2.1% to 2.9% in February and March.

Compared to Jamsil Jugong 5 Complex 76㎡, where the land transaction permit regulation remained, housing prices there declined until January but rose by 0.7% in February.

In Gangnam, Ramian Daechi Palace 84㎡, where the regulation was lifted, there was one transaction in February, with the sale price increasing by 12.7%.

For Daechi Eunma Apartments, where the regulation remained, housing prices for 76㎡ units rose by up to 1.3% in January and February this year.

The Seoul Metropolitan Government stated, “While there have been cases of price increases after the land transaction permit was lifted, there are also cases of price declines. We will continue to monitor real estate transaction trends and on-site conditions.”