real estate
Entered 2024.04.12 17:40 Modified 2024.04.12 17:49 Land A16
real estate prism
A sign of house price bottoms? Seoul apartment transaction volume ‘rising vertically’
Effects of policy financing such as special loans
Over 3,000 cases last month
Last month, apartment transactions in Seoul exceeded 3,000 per month. It has been 7 months since August last year. In some areas, such as Seocho, Mapo, and Dongjak, reported transactions occur one after the other. Although the ‘house price bottom hypothesis’ is increasing as the number of transactions and prices rise at the same time, some note that uncertainty in the market such as US interest rates and loan regulations is still high.
According to the Seoul Real Estate Information Plaza on the 12th, the number of apartment transactions in Seoul was counted at 3,169 as of today. Since August last year (3,899 cases), 3,000 cases have improved in 7 months. As transaction reports must be made within 30 days of the contract date, some predict that the number of transactions in March will reach 4,000. Apartment transaction volume in Seoul shrank for four months starting last September, remaining in the 1,800 range for two consecutive months in November (1,843) and December (1,824) last year. The number of transactions started to increase as the special home loan was relaunched at the end of January and the special loan for new born babies at an annual interest rate of 1% was put into operation. As rental prices for apartments in Seoul have remained strong for 47 consecutive weeks, it has also had the effect of causing end users who had been waiting in the rental market to buy their own homes.
According to the Korea Real Estate Agency, apartment prices in Seoul rose by 0.03% in the second week of this month (from the 8th), maintaining an upward trend for the third week. Recently, Hyundai 2nd Motors in Apgujeong-dong, Gangnam-gu sold an exclusive area of 196㎡ for a reported price of 8 billion won, and a 53㎡ exclusive space in Jangmi Apartments in Seongsu-dong, Seongdong-gu was traded for 1.655 billion won , cutting the reported price. The 114㎡ exclusive use of Raemian Wellstream in Hyeonseok-dong, Mapo-gu was signed on the 1st at a reported price of 2.6 billion won.
Metropolitan areas such as Incheon and Gyeonggi also show a similar trend. Apartment prices in the metropolitan area rose 0.01% from a week ago, turning up for the first time in 20 weeks since the third week of November last year (0.01%). According to Gyeonggi Real Estate Portal, the volume of apartment transactions in Gyeonggi-do in March was 8,593 today, the highest this year. Apartment transaction volume in the Gyeonggi region was only 5,657 in December last year, but transactions are rising mainly in Suwon (878 transactions in March) and Hwaseong (757). Soo-min Yoon, a real estate specialist at Nonghyup Bank, said, “In Seoul and some areas of the metropolitan area where demand is strong, there is a ‘down’. As there is great uncertainty in the market, we need to wait and see if transactions will continue even after the flash sale ends.”
Correspondent Shim Eun-ji summit@hankyung.com
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