After the announcement of the household debt measures on June 27, the apartment market in the metropolitan area saw not only a decrease in transaction volume but also a reduction in both the price range and area of transactions.
On the 21st, according to an analysis by Zigbang of data from the Ministry of Land, Infrastructure and Transport, the volume of apartment transactions in the metropolitan area plummeted from 20,474 before the announcement of the measures (June 10-27) to 5,529 after the announcement (June 28 - July 15).
During the same period, the median transaction price of apartments in the metropolitan area decreased from 660 million won to 500 million won, and the exclusive area shrank from 84㎡ to 75㎡.
In Seoul, prices, areas, and transaction volumes all decreased, showing a clear stagnant trend. The transaction volume, which was 7,150 before the measures, dropped to 1,361, and the median transaction price fell from 1.09 billion won to 870 million won, a decrease of about 220 million won. The area of transactions also decreased from 84㎡ to 78㎡, indicating a trend of increased transactions for smaller apartments.
In the Gangnam area, where high-priced complexes are concentrated, the impact of lending restrictions was directly reflected, resulting in a significant contraction in transactions of high-priced, large units. The median transaction price in Gangnam District, Seoul, decreased from 2.9 billion won before the announcement to 2.6 billion won after, a drop of 300 million won. The median transaction area also reduced from 85㎡ to 76㎡. Transaction volume fell dramatically from 301 to 67.
In Seocho District, the transaction volume also decreased from 134 to 13, and the median transaction price fell from 2.375 billion won to 1.965 billion won. In Songpa District, the transaction volume decreased (339→118), while the median transaction price dropped to 1.62 billion won, a decrease of 300 million won.
The median transaction area in Seocho and Songpa districts remained the same at 85㎡ as before the announcement. Zigbang explained that while the transaction market is in a stagnant period, a certain level of demand is being maintained, particularly for medium-sized units at realistic price ranges.
Meanwhile, the 'Mayongseong' area (Mapo, Yongsan, Seongdong) along the Han River also maintained a median transaction area of 85㎡, but the median prices fell in Mapo District (1.5275 billion won→1.22 billion won), Yongsan District (1.805 billion won→1.54 billion won), and Seongdong District (1.58 billion won→1.406 billion won).
It was expected that a 'balloon effect' would appear in mid- to low-priced areas like Nowon (Nowon, Dobong, Gangbuk) and Geumgwan District (Geumcheon, Gwanak, Guro) after the June 27 measures; however, rather than a price increase, median prices dropped in most areas, and transaction volumes also slowed, leading to a wait-and-see trend.
In Nowon District, the area of transactions remained at 59㎡ while the median price (595 million won→519 million won) decreased. Geumcheon District also had a constant transaction area of 60㎡, but the median price (582.5 million won→545 million won) was adjusted.
In Gyeonggi Province, contrasting trends were observed by region. The overall median transaction price decreased from 550 million won to 445 million won, and the exclusive area shrank from 78㎡ to 75㎡. Areas like Yeongtong District in Suwon, Bundang District in Seongnam, and Suji District in Yongin, which had previously led price increases due to Seoul's accessibility and proximity to workplaces, experienced a sharp decrease in transactions and accompanying price drops after the measures.
In contrast, while the transaction volume in Gwacheon City itself was extremely low, single transactions in high-priced new complexes like 'Central Park Prugio Summit' (2.7 billion won) and 'Gwacheon Prugio Summit' (2.085 billion won) raised the median price.
In Incheon, the transaction volume, which was 2,003 before the measures, decreased to 804, and the median transaction price also slightly fell from 379 million won to 360 million won. Price adjustments were observed in major areas like Yeonsu District and Namdong District, while areas like Gyeyang District, Bupyeong District, and Seo District showed a downward adjustment without changes in exclusive area.
A representative from Zigbang noted, "Since the announcement of the June 27 measures, the metropolitan apartment market has rapidly entered a wait-and-see phase, with declines in transaction volume, area, and prices all within a short period. The conditions for available apartments have changed, leading to increased transactions focused on small and mid-sized units at achievable price ranges, which can be seen as a 'restructuring of selection criteria' rather than a psychological contraction based on funding conditions and lending limits."
He added, "However, since this phenomenon appeared in a situation where transactions themselves have sharply declined, it is necessary to observe whether the current adjustment trend is a temporary illusion or a signal of structural transition over more time. Moving forward, based on changes in interest rates, lending restrictions, and additional policy directions, there remains a possibility that selection criteria for buyers and transaction flows could also be readjusted, and in the meantime, adaptations to regulatory changes and a wait-and-see approach are expected to continue."