While apartment transaction volume in Seoul fell to an all-time low, apartment prices in Yongsan-gu, where the presidential office was relocated, turned to a slight upward trend. The picture is a view of Yongsan Apartment. [매경DB]As the real estate market remains on the waiting list since the presidential election, apartment sales in Seoul have recorded the lowest transaction volume for the second month in a row. Even in this ‘trade drought’, house prices in Yongsan-gu, Seoul, where the presidential office is scheduled to be relocated, are rising. Real estate experts are predicting that although the Presidential Transition Committee has announced that it is in the middle of the transfer tax for multi-family homes and is pushing for a one-year grace period, it will continue to be noticed for the time being.
According to the Seoul Real Estate Information Plaza on the 31st, the number of apartment sales in Seoul was 795 in February, the lowest ever, and March is also expected to break the February record with 612. In March, when looking at the transaction volume of apartments in Seoul, Songpa-gu had the most with 54 cases. Gangbuk-gu (8 cases), Jongno-gu (8 cases), and Jung-gu (5 cases) are recording single-digit transaction volumes, and Yongsan, where the presidential office is scheduled to relocate, also has 8 cases, which are less than double digits.
A representative of an authorized real estate agent A in Sanggye-dong, Nowon-gu, Seoul said, “Inquiries for purchases are coming in due to the expectation of easing the reconstruction regulations, but there is a big difference of opinion between buyers and sellers, so it is difficult to find actual sales.” In March, the number of apartment sales in Nowon-gu was 51, which is only 15.2% of the 335 in March last year.
It is not possible to trade, but after the presidential election, the trading price, which is sometimes concluded due to the expectation of a market rise, rises, and the overall market is gradually recovering.
According to the Korea Real Estate Agency on the same day, the rate of change in the nationwide apartment sale price index in the 4th week of March (as of March 28) turned to flat (0%) from -0.1% the previous week. During the same period, the decrease in the metropolitan area decreased from -0.03% to -0.02%, while Seoul maintained the rate of change of -0.01%.
In Seoul, apartment prices in Yongsan, where the presidential office is scheduled to be relocated, changed from -0.01% in the previous week to 0.01% in the 4th week of March to 0.01% in 7 weeks. Major regions are showing signs of recovery compared to before the election. According to the Ministry of Land, Infrastructure and Transport, on March 19th, 138㎡ of exclusive riverview area in Ichon-dong, Yongsan was traded at 1.48 billion won, setting a new record. The CEO of Real Estate Broker B, located in Ichon 1-dong, Yongsan, said, “Reconstruction complexes have recently increased in price by 200 million won.”
The Korea Real Estate Agency said, “In Seoul, purchase inquiries declined due to interest rate hikes and internal and external uncertainties, and the downtrend continued. “He said.
In Gyeonggi-do, apartment prices in Seongnam-si changed from -0.01% in Jeonju to flat, and Anseong-si, Paju-si, and Gimpo-si showed a larger increase compared to Jeonju.
During the same period, the rate of decline in apartment Jeonse prices decreased from -0.02% nationwide to -0.01%, and from -0.03% to -0.02% in Seoul.
Experts on the same day announced the transfer tax for multi-family homeowners and a one-year deferment plan on the day of the acquisition committee, but they predict that the transaction will continue for the time being, and that apartments with new reports will continue to appear from time to time. Koh Jun-seok, CEO of JEdu Investment Advisory, said, “Both buyers and sellers are expected to move while watching how many houses are put up due to the implementation of the system, so the wait-and-see situation will continue for the time being.” With the enforcement of the law, the expiration of those who used the right to apply for contract renewal is approaching, and chaos is expected to aggravate not only the jeonse but also the trading market.”
[박준형 기자 / 이석희 기자]
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