(Maekyung DB)

Seoul/Gyeonggi apartment transaction volume is highest in 5 months…

(Maekyung DB)

In March, apartment transaction volume in Seoul and Gyeonggi Province reached the highest level in five months since October last year. This is interpreted as the effect of the new government’s anticipation of deregulation on real estate and lower interest rates on loans.

Since July last year (4,680 cases), the transaction volume of apartments in Seoul has steadily declined to 809 cases in February this year, showing a ‘transaction cliff’. However, after the presidential election, the trading volume increased for the first time in eight months, reaching 1401 in March. This is a 74% increase compared to February. The place with the highest transaction volume in Seoul last month was Nowon-gu (144 transactions), which increased by 162% compared to February. During the same period, Dobong-gu (59 cases) recorded the highest increase rate of 269%, followed by Seocho-gu (125 cases) with 213%.

Gyeonggi Province also recorded the highest transaction volume in five months since October last year (7892) with 5,776 transactions last month. In particular, the increase in transaction volume in the first new city was remarkable. This seems to be the result of expectations for an increase in floor area ratio in accordance with the 1st New Town Reorganization Special Act, a major real estate promise made by President-elect Yoon Seok-yeol. According to the Gyeonggi Real Estate Portal, Seongnam City, where the city of Bunneung is located, recorded 109 cases, an increase of 139% compared to February. During the same period, Goyang City with Ilsan New Town (538 cases) increased by 96.4%, and Anyang City (170 cases) with Pyeongchon New Town increased by 95.4%.

Meanwhile, about 17.34% of apartment buyers in Gyeonggi-do in 2021 were found to live in Seoul. This is the highest figure in 12 years since 2009 (17.45%). The trend of population movement during the same period was similar. According to statistics on the number of moving out and moving particles by region, 567,366 people moved out of Seoul to other areas in the past year. Of these, about 64% (362,116 people) moved to Gyeonggi-do.

This seems to have increased the number of Seoul residents moving to Gyeonggi-do to avoid the high house prices in Seoul. In fact, according to Real Estate R114, the average sale price of an apartment per 3.3 square meters in Seoul as of March was 43.12 million won, which is about twice the national average (22.33 million won) and Gyeonggi-do (20.5 million won). In particular, during the four months of this year, the price of apartments in mid-size Seoul (exceeding 85 m² and less than or equal to 102 m²) increased by 6.68% compared to December last year.

[고혜영 인턴기자]

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