Last Month's Seoul Apartment Transactions Exceed 11,000... Highest Monthly Figure Since 2020

Ministry of Land Releases October Housing Statistics

Last month, the number of apartment sales transactions in Seoul exceeded 10,000, marking the highest monthly figure since July 2020. This surge is attributed to the rush of last-minute buyers after the government broadly designated Seoul and adjacent areas in Gyeonggi Province as regulated zones.

According to the October housing statistics released by the Ministry of Land, Infrastructure and Transport on the 28th, apartment sales transactions in Seoul totaled 11,041. This represents an increase of 176% compared to the same period last year and a 63% rise from September. Compared to the average for October over the past five years, the figure is approximately 3.7 times higher.

Previously, in June, just before the announcement of the June 27 policy, the number of transactions surged to 10,814 as buyers rushed in at the last minute. Considering that there were fewer business days last month due to the holiday period, the data suggests that the atmosphere in Seoul’s apartment market was particularly heated before and after the policy announcement.

Apartment viewed from Namsan, Seoul. Photo by Yonhap News Agency

The previous record for the highest monthly sales volume was in July 2020, when 16,002 transactions were completed. At that time, even after the announcement of real estate measures in June aimed at curbing demand through the expansion of regulated zones, housing prices continued to rise. Less than a month later, the government introduced additional measures, focusing on strengthening tax policies targeting owners of multiple homes.

As of the end of last month, the number of unsold homes stood at 69,069 units, up 3.5% from a month earlier. The number of unsold homes after completion reached 28,080 units, a 3.1% increase over the same period. The volume of unsold homes had been on a slight decline earlier this year but has turned upward again in the second half. The Seoul metropolitan area accounted for 17,551 units, while other regions made up 51,518 units. By metropolitan municipality, Incheon, Gyeonggi, Ulsan, and North Chungcheong Province all saw increases of at least double digits.

Meanwhile, last month, the number of building permits issued was 28,042 units, and construction starts were at 17,777 units, down 40% and 41%, respectively, from the previous month. Pre-sales reached 24,455 units (for multi-unit housing), a 7% increase over the same period, while completions totaled 21,904 units, down 1%. The volume of monthly and yearly rental transactions was 199,751, representing a decrease of 13% from the previous month and 5% from the same period last year.