In the Seoul apartment and officetel market, properties classified as 'minus premium' (hereinafter referred to as 'mafi') have emerged everywhere, with transactions desired at prices lower than their selling prices. In some complexes in Dongdaemun District, properties with more than 100 million won in mafi have appeared.
According to KB Real Estate and Naver Real Estate on the 29th, mafi properties have been confirmed in a total of 14 complexes in Seoul. There are three in apartments, eight in officetels, and three in urban living houses. Particularly, four mafi properties are concentrated in Dongdaemun District.
At 'Hillstate Jangaan Labonita', a residential officetel in Jangaan-dong, Dongdaemun District, the selling price for the exclusive 74 square meters was around 986 million won, but recently a transaction right was listed for 796 million won, resulting in a mafi of 190 million won. Many properties have been formed at prices around 800 million won, so most have a mafi of about 100 million won.
'Hillstate Cheongnyangni Metrobl', located in Yongdu-dong, Dongdaemun District, which started moving in this month, has also seen the transaction right for the exclusive 40 square meters listed at 576 million won. The selling price was 640 million won, marking a mafi of about 64 million won.
Among apartments, a property in 'Hanwha Foreena Mia' in Mia-dong, Gangbuk District, which faced controversies over its high selling price, was listed at around 1.02 billion won for the exclusive 80 square meters. This is a 70 million won drop compared to the selling price.
It appears that properties with mafi have emerged as the differences between the prices desired by actual demanders and the high prices at which some complexes were supplied compared to local market values have widened, especially as the time for moving in or the resale period approaches.
In particular, some urban living houses and officetels are facing increasing cases of mafi as their locations near transport hubs are less liquid and less preferred by demanders compared to apartments. The recent cap on mortgage loans in the metropolitan area (600 million won) has also contributed to the actual demanders being cautious.
Dongdaemun District has responded that the increase in mafi complexes is due to the high selling prices of officetels. An official from an A real estate agency in Jangaan-dong, Dongdaemun District, noted, "The market is stagnant, so there aren't many properties available," and added, "For officetels or urban living houses, there are many properties emerging at or near the price of the down payment, even if the mafi scale is not large at places that recently began their moving-in designated period."
Experts explained that while expectations for interest rate cuts may lead to a recovery trend, the situation remains difficult at present. Song Seung-hyun, representative of the Urban and Economy Institute, stated, "For mafi properties to rebound further, situations such as easing of lending regulations or interest rate cuts must occur, but currently, the market situation is unclear. There is a possibility that more mafi or properties at the same price as the selling price may emerge," and added, "In Dongdaemun District, there are many officetel units due to high-density development around Cheongnyangni Station, and this excessive expectation seems to have been a factor."
Koh Jun-seok, a professor at Yonsei University's Sangnam Institute of Management, stated, "Officetels and non-apartments generally have lower preference compared to apartments, and in areas like Dongdaemun District, the recent supply of newly constructed small-sized apartments reflects the emergence of mafi properties." He also noted, "Properties priced somewhat higher than the market value or in inferior locations appear to have limited future value, making recovery difficult. While not a direct influence, the overall decline in demand in the real estate market due to the June 27 measures may also have had an impact."