The volume of apartment sales transactions in Seoul has sharply decreased since the reassignment of the land transaction permission zone. In particular, the transaction volume for apartments located in the regulated areas of the Gangnam three districts (Gangnam, Seocho, Songpa) and Yongsan has dropped by more than 90% in just one month.
According to an analysis by the real estate information platform "Dabang" on the actual transaction prices from the Ministry of Land, Infrastructure and Transport, the transaction volume of apartments in Seoul over the past year shows that the volume increased continuously from 3,427 cases in January to 6,462 cases in February and 9,675 cases in March, before sharply decreasing to 3,191 cases in April. The transaction volume in April this year is down 67% from the previous month and 31% from the same period last year.
In particular, for apartments in the areas of land transaction permission zone reassignment, including the Gangnam three districts (Gangnam, Seocho, Songpa) and Yongsan, the transactions all decreased by over 90% in one month. Seocho saw transactions drop from 410 in March to 11 in April, a decrease of 97%, while Yongsan went from 260 to 11, a 96% drop, Gangnam from 802 to 37, a 95% drop, and Songpa from 865 to 63, a 93% decrease.
Following Gangnam three districts and Yongsan, Gangdong decreased by 69%, Seongdong by 68%, Dongdaemun by 65%, Dongjak, Jongno, and Jung by 64%, Mapo by 63%, Gwangjin by 62%, and Yeongdeungpo by 60%. Subsequently, Nowon decreased by 58%, Gangseo and Geumcheon by 56%, Seongbuk by 54%, Yangcheon by 53%, Eunpyeong by 52%, Gwanak by 50%, Guro and Jungnang by 48%, Seodaemun by 47%, Dobong by 39%, and Gangbuk by 30%.
A Dabang official noted, "The volume of apartment transactions in Seoul, which had shown a temporary recovery after the removal of the land transaction permission zone, plummeted rapidly as purchase sentiment weakened with the reassignment announcement. It is expected to take some time for the transaction volume to recover as the atmosphere of waiting spreads, particularly in regions where transaction restrictions have been strengthened."