The Seoul city government said on the 18th that starting this month it will release monthly housing market information based on actual transactions to fill the real estate information gap.
The city said, "Previously, it took up to 30 days from a sales contract to an actual transaction report, but due to the Oct. 15 measures, a land transaction permit process was added before contract signing, extending the period to as long as 50 days for the transaction report, which is intensifying market confusion due to an information gap and a 'visual illusion' caused by a sharp drop in volume."
According to information released by the Seoul city government, from October to December last year, 9,935 land transaction permit applications for Seoul apartments were received, of which 7,777, or 78.3%, were processed. By month, from Oct. 20 to November, land transaction permit application prices rose 1.49% compared with October actual transaction prices, and for December applications, the application price increased 1.58% from the previous month, widening the gain.
The city plans to extract and compile the national approved statistics, the Korea Real Estate Board (REB)'s "apartment houses actual transaction price index," focusing on Seoul apartments, and provide it as a monthly press release. The actual transaction price index is calculated based on reported transaction prices, reflecting the real flow of the market more accurately than indices based on surveyor assessments or asking prices. In particular, during periods of price fluctuations, contract changes are reflected quickly, making it more perceptible.
It also plans to provide market analysis materials based on actual transaction prices. In November last year, the actual transaction price for Seoul apartment sales rose 1.28% from the previous month and increased 12.95% from the same month a year earlier. By month-over-month comparison, the central area (Jongno, Jung, Yongsan districts) and the southeast area (Seocho, Gangnam, Songpa, Gangdong) rose 3.46% and 1.82%, respectively, leading the gains.
In November, actual transaction prices for apartment jeonse rose across all five living zones in Seoul, up 0.94% citywide. The southwest area rose the most from the previous month at 1.09%.
In addition, the city plans to analyze market trends by living zone, size, and building age based on actual transaction prices and disclose them at the end of each month on the "Seoul dwellings information plaza."
Choi Jin-seok, head of the Seoul city dwellings bureau, said, "We will continue to provide accurate market information based on actual transactions so that excessive anxiety or vague expectations in the real estate market are eased and citizens can make rational decisions."