Since the end of March this year, after being expanded to include the entire Gangnam area (Seocho, Gangnam, Songpa) and Yongsan District as land transaction permit zones, there have been no transactions of apartment membership rights or sales rights in this area.
According to the Ministry of Land, Infrastructure and Transport's real transaction disclosure system on the 19th, there were zero reports of transaction of membership rights and sales rights in the Gangnam area and Yongsan District from March 24, when the land transaction permit zone was expanded, until the 18th.
This means that the 50 transactions that took place before the expansion of the land transaction permit zone (up to March 23) have disappeared.
Membership rights refer to the right for redevelopment or reconstruction union members to move into new apartments that will be built in the future. Sales rights refer to the right for ordinary people to move into new apartments through subscription.
In the real estate market, it is analyzed that the cessation of sales rights and membership rights transactions in the Gangnam area has been influenced by the burdens of regulations, such as the mandatory two-year actual residence requirement in the land transaction permit zone.
Earlier, a month after the government and Seoul City expanded the land transaction permit zone, guidelines were announced stating that both membership rights and sales rights for redevelopment and reconstruction would be subject to transaction permits. Initial sales rights will be excluded from land transaction permit targets, but permits must be obtained when transferring. Those who buy membership rights cannot sell them until they fulfill the two-year actual residence requirement, including the period of residence in the newly built apartment. Additionally, homeowners must buy or lease their existing house within six months to transact membership rights and sales rights.
Among the sales rights and membership rights that were traded before the expansion of the land transaction permit zone this year, 22% (11 cases) were reported to have been completed during the five days (March 19-23) before the announcement of the zone's expansion.
During this period, transactions took place for Maple Xi in Seocho District, The H in Bangbae, The H Firstiers iPark, and Jamsil Raemian iPark, among others. The H Firstiers iPark was occupied in November 2023, but since no notice of transfer has been issued, it is traded as membership rights and sales rights.
After the expansion of the land transaction permit zone, a total of 113 reports of transaction of membership rights and sales rights across Seoul (excluding de-restricted transactions) were tallied.
By district, Dongdaemun District had the highest number of membership rights and sales rights transactions at 33 (29.2%). Transactions were active mainly around newly opened complexes like Ium iPark Xi, Raemian La Grande, and Whigyeong iPark D Sensia. In Seongbuk District (16 cases), transactions were conducted primarily for Jangwi iPark Radiant, which opened this year, and the large complex Prugio Radius Park.
In Mapo and Gangdong, there were also reports of record prices. The membership right for a 95㎡ unit in Olympic Park Foreon in Gangdong District was traded for 2.78 billion won on the 25th of last month, setting a record price. The membership right for an 84㎡ unit was also traded for a record price of 2.55 billion won on the 7th of last month.
In Mapo District, the membership right for a 84㎡ unit of Mapo Xi Hillstate Rachel was traded for 2.3 billion won on the 3rd of last month, while the 114㎡ unit was traded for 2.55814 billion won, setting a record price.