"Buy Before Regulations Hit": Record-High Proportion in Seongdong, Gwangjin, and Gangdong Reaches Annual Peak [Real Estate AtoZ]

20.6% of Seoul Apartment Transactions in September Set New Record Highs
One in Five Deals at All-Time High Prices
Gwangjin 48.4%, Seongdong 37.2%, Gangdong 35.0% See Sharp Increases
Record-High Proportions Remain Elevated in Yongsan, Seocho

The proportion of Seoul apartment transactions at new record-high prices, which had slowed in August, surged again in September. In particular, autonomous districts such as Seongdong, Gwangjin, and Gangdong-areas being discussed as potential regulatory zones-recorded their highest share of record-high transactions so far this year. Analysts attribute this trend to growing disappointment following the government's "September 7 Supply Measures," which has rapidly fueled a sense of urgency among buyers to secure properties early.

Gwangjang Geukdong 2nd Complex in Gwangjang-dong, Gwangjin-gu, Seoul. Recently recorded a new high price of around 2.5 billion KRW. Gji Auction.

According to an analysis of actual transaction data from the Ministry of Land, Infrastructure and Transport, commissioned by Zigbang, 20.6% of all Seoul apartment transactions from September 1 to 28 exceeded previous record-high prices. On a monthly average basis, the proportion of record-high transactions was 22.8% in June and 23.6% in July, but it dipped to 18.3% in August before rebounding in September. This means that one out of every five transactions was at a new record-high price.

The proportion of record-high transactions refers to the ratio of deals that surpassed the previous highest price for the same area and type. A higher figure indicates stronger demand from genuine buyers or investors. By district, 13 out of 25 districts saw an increase in the proportion of record-high transactions compared to the previous month. Of these, eight districts reached their highest monthly levels so far this year, with Seongdong, Gwangjin, and Gangdong showing particularly pronounced increases.

Gwangjin-gu, in particular, saw its proportion rise from 40.0% in August to 48.4% in September-the highest among non-regulatory regions. Record-high transactions were evenly distributed across Guui-dong, Gwangjang-dong, and Jayang-dong. The 84-square-meter unit at Gwangjang Geukdong 2nd Complex was sold for 2.5 billion KRW on September 10, making it the first older apartment in Gwangjin-gu to join the "2.5 billion KRW club." This price is 220 million KRW higher than the previous record of 2.28 billion KRW set on August 23. Built in 1989, this complex is currently undergoing an integrated reconstruction project together with Geukdong 1st Complex.

In Seongdong-gu, the proportion of record-high transactions climbed from 32.9% to 37.2%, a 4.3 percentage point increase, setting a new annual high. The 195-square-meter unit at Galleria Foret, a luxury complex near Seoul Forest in Seongsu-dong 1-ga, was sold for 8.8 billion KRW. This is 3.3 billion KRW higher than the last transaction price of 5.5 billion KRW in 2021. It was also the second-highest actual transaction price among all Seoul apartments in September. Other complexes such as Seoul Forest Riverview Xi in Haengdang-dong and Oksu Heights in Oksu-dong also set new records with transactions in the 2.5 billion KRW range.

In Gangdong-gu, the proportion of record-high transactions rose by 9.1 percentage points to 35.0% in September, marking the largest increase among the aforementioned districts. Leading the market surge were major reconstruction complexes in Godeok-dong. Godeok Gracium stood out with a total of six record-high transactions-three for 59-square-meter units and three for 84-square-meter units. Among these, the 84-square-meter unit was sold for 2.55 billion KRW, which is 160 million KRW higher than the previous record up to August. Other major complexes such as Godeok Arteon and Raemian Hillstate Godeok also continued to set new record-high prices.

Mapo-gu, another district being considered as a potential regulatory area, recorded a 38.2% share of record-high transactions, nearly matching its June peak of 40%. Record-high prices were reported in major complexes across Ahyeon, Gongdeok, and Yeomni. The three districts of Gangnam, together with Yongsan-gu-already designated as regulatory areas-also maintained high levels of record-high transactions. Yongsan-gu recorded the highest proportion among all Seoul districts in September at 70.0%, a 46.9 percentage point increase from August. Seocho-gu also saw a 4.1 percentage point rise to 53.5% compared to the previous month. Gangnam-gu and Songpa-gu maintained high proportions at 41.4% and 32.1%, respectively.

In contrast, outer Seoul districts such as Nowon, Dobong, and Gangbuk (collectively referred to as "Nodogang"), as well as Geumcheon, Gwanak, and Guro ("Geumgwan-gu"), lagged significantly in the proportion of record-high transactions. Only Guro-gu reached double digits at 10.8%. Nowon-gu posted just 0.7%, Geumcheon-gu 2.6%, Gangbuk-gu 3.0%, Dobong-gu 3.1%, and Gwanak-gu 3.7%-all below 5%, indicating a notably subdued market sentiment in these areas.

Park Wongap, Senior Real Estate Expert at KB Kookmin Bank, commented, "Recently, buyer sentiment has shown a tendency toward 'concentrated investment' in traditionally preferred areas. Demand for a single high-quality property is likely to persist, and the resulting polarization in record-high prices should be viewed as a structural trend rather than a short-term adjustment." He added, "Rather than managing multiple properties, the investment habit of owning one real estate asset and diversifying the rest into financial assets is becoming more established."