After the Oct. 15 real estate measures that designated all of Seoul and 12 areas in Gyeonggi Province as regulated zones (adjustment target areas and overheated speculation districts) and land transaction permit zones, officetel transactions increased by more than 30%.
According to ZIGBANG CO. on the 15th, the number of apartment sale transactions in Seoul fell about 62%, from 14,038 in the 46 days before the Oct. 15 measures took effect (Aug. 31–Oct. 15) to 5,367 in the 46 days after (Oct. 16–Nov. 30). In contrast, during the same periods, officetels rose 32%, from 1,001 before the measures to 1,322 after.
It is interpreted that apartments saw a sharp drop in transaction volume because, in addition to previously implemented tighter loan regulations, the expansion of land permit zones and the designation of regulated areas under the Oct. 15 measures restricted investment-driven purchases, leaving only end-user–centered transactions. By contrast, officetels appear to have maintained demand because the regulations focused on apartments.
The growth rate of officetel transactions was high in Dongjak District (233%), Seodaemun District (120%), and Nowon and Seongbuk districts (100%), while actual transaction volumes clustered in major business districts and downtown officetel-dense areas such as Gangnam District (128), Yeongdeungpo District (122), Mapo District (119), and Songpa District (117).
After the measures, the share of officetel transactions by exclusive area was high for under 40 square meters (77%) and 40 square meters or more but under 60 square meters (13%), indicating a continued focus on small and mid-size units. Those 60 square meters or more but 85 square meters or less accounted for 6%, and large officetels over 85 square meters accounted for 4%.
The average transaction price of Seoul officetels showed little change, from 333.97 million won before the measures to 338.65 million won after. The median also adjusted slightly over the same period, from 219 million won to 210 million won. ZIGBANG CO. analyzed that this indicates the increase in transactions was not concentrated in specific high-priced areas but was evenly dispersed across complexes at relatively accessible price levels.
Kim Eun-seon, head of the big data lab at ZIGBANG CO., said, "Because officetels mix residential and rental-income purposes, they are sensitive to external variables such as interest-rate levels, rental-market trends, and loan conditions," and noted, "This increase in transactions could be a short-term fluctuation or a sign the market is shifting, so it is necessary to watch the trend further."