Before the implementation of the government's mortgage regulation on June 27, the average mortgage loan amount for residents of Seoul apartment complexes was about 300 million won. In areas where high-priced dwellings are concentrated, such as Gangnam, Seocho, and Yongsan districts, the mortgage loan amounts were found to be up to about 200 million won higher than the average for Seoul.
According to an analysis by the Real Estate R114 Research Lab on the 31st, the average agreed mortgage loan amount for Seoul apartments was approximately 295.57 million won as of the end of May this year. This marks an increase of nearly 10 million won from the average of 286.32 million won in January.
Among the 25 autonomous districts, Gangnam District had the highest average mortgage loan amount, at 483.62 million won. It was followed by Seocho District (465.41 million won), Yongsan District (410.38 million won), Seongdong District (370.81 million won), and Songpa District (350 million won).
Gangnam's three districts and Yongsan District are designated as regulated areas, subject to limits of 50% for the loan-to-value ratio (LTV) for home ownership (30% for existing homeowners) and 40% for the debt-to-income ratio (DTI). However, the relatively high property prices and income levels appear to have resulted in higher loan amounts.
According to the Real Estate R114 survey, the average market price per 3.3 square meters for Seoul apartments was over 80 million won, with Seocho District at 84.99 million won and Gangnam District at 84.73 million won. It was followed by Songpa District (62.07 million won), Yongsan District (61.07 million won), and Seongdong District (49.98 million won) in terms of high market prices per unit area.
On the other hand, the autonomous district with the lowest mortgage loan amount was Geumcheon District (18.17 million won). It was followed by Gangbuk District (18.185 million won), Dobong District (19.493 million won), Jungnang District (21.062 million won), Guro District (21.626 million won), and Gwanak District (21.7 million won) in the ranking of lowest mortgage loan agreements.
On June 27, the government announced measures to restrict the maximum mortgage loan limit to 600 million won as part of household debt countermeasures. However, in this survey, there was not a single district where the average mortgage loan amount exceeded 600 million won.