Official Real Transaction Prices Disclosed by the Ministry of Land, Infrastructure and Transport
An apartment unit in The Penthouse Cheongdam (PH129) in Cheongdam-dong, Gangnam-gu, Seoul, the second most expensive in the country based on the officially assessed price, was sold for 19 billion won. This is an increase of more than 5 billion won compared to the previous transaction in December last year.
According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, a brokered transaction between individuals for a 273.96-square-meter unit in this apartment was reported on July 1. This is the second highest apartment transaction amount reported so far this year. The highest was a transaction for a unit in Nine One Hannam in Hannam-dong, Yongsan-gu, which was sold for 25 billion won in February this year.
PH129 recorded the second highest price after Eterno Cheongdam based on the official price announced by the Ministry of Land, Infrastructure and Transport. The officially assessed price for the top-floor 407-square-meter unit is 17.21 billion won. Considering that the official price ratio for high-end apartments is around 70%, the actual market price is estimated to exceed 25 billion won.
This transaction was reported after the 6·27 loan regulation, which limits mortgage loans to under 600 million won, but it is unclear whether the regulation was applied to this case. In land transaction permission zones, a preliminary sales agreement, which essentially serves as a contract, is signed and then land transaction permission is obtained from the district office before the final contract is executed. Since the price determined in the preliminary agreement is later reported, the recently reported price may reflect the amount agreed upon by the buyer and seller two to three months ago.
In Apgujeong-dong, Gangnam-gu, a unit of 171.43 square meters in Shinhyundai 11th Complex was sold for 10 billion won. The same type was traded for 9.02 billion won in April, marking an increase of 1 billion won in just three months. In Jamsil Jugong 5th Complex, Songpa-gu, a unit of 82.51 square meters was reported at a price 250 million won higher than the previous transaction a month ago. Since the beginning of this year, there have been a total of 25 apartment transactions exceeding 10 billion won. All of these apartments are located in Gangnam-gu, Yongsan-gu, and Seocho-gu.
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