Last month, the apartment bid-to-appraisal ratio in Seoul fell by the largest margin in the country. The government's plan to tighten rules on owners of multiple homes appears to have affected the auction market.
On the 9th, GGAuction, a company specializing in court sale and auction data, released the "February 2026 auction trend report," which showed that last month's nationwide apartment auction proceedings totaled 2,248 cases, down about 26% from the previous month's 3,033. Due to the Lunar New Year holiday, auction schedules were adjusted, temporarily reducing the volume of cases. The success rate was 37.3%, down 0.2 percentage points (p) from the previous month's 37.5%. The bid-to-appraisal ratio was 87.9%, down 0.9 percentage points from the previous month's 88.8%, halting the two-month upward trend. The average number of bidders was 7.6, up 0.3 from the previous month's 7.3.
Seoul's apartment auction proceedings totaled 97 cases, down about 44% from the previous month's 174. The success rate was 45.4%, up 1.1 percentage points from the previous month's 44.3%. The bid-to-appraisal ratio was 101.7%, down 6.1 percentage points from the previous month's 107.8%, the largest drop nationwide.
GGAuction said, "As the possibility of the government tightening rules on owners of multiple homes is mentioned day after day, buying sentiment appears to have weakened somewhat on concerns over an increase in listings and price adjustments." Looking at the bid-to-appraisal ratios in the three Gangnam districts, Songpa fell 15.8 percentage points from the previous month, Gangnam fell 14.8 percentage points, and Seocho fell 8.6 percentage points, showing a correction trend.
Although the bid-to-appraisal ratio fell, the average number of bidders rose by 0.2 to 8.1 from 7.9 the previous month. This is the highest figure in the past eight months. In particular, bidders clustered around apartments priced at 1.5 billion won or less in Mapo District and Seongdong District, where the impact of loan regulations is relatively small.
Gyeonggi Province's apartment auction proceedings totaled 555 cases, down about 19% from 687 the previous month. The success rate was 41.8%, down 2.2 percentage points from 44.0% the previous month. The bid-to-appraisal ratio was 88.7%, up 1.4 percentage points from 87.3% the previous month. This is a record high in eight months since June last year (89.7%). The strength in bid-to-appraisal ratios continued, centered on apartments appraised at 900 million won or less in regulated areas such as Suji District in Yongin, Dongan District in Anyang, and Hanam. The average number of bidders was 7.1, down 0.6 from 7.7 the previous month.
In Incheon, apartment auction proceedings totaled 221 cases, down about 31% from 321 the previous month. The success rate was 39.4%, holding at a similar level to the previous month. The bid-to-appraisal ratio was 79.6%, up 2.4 percentage points from 77.2% the previous month, and the average number of bidders was 6.8, up 1.4 from 5.5 the previous month. Competition and bid-to-appraisal ratios were relatively high, centered on large, near-new apartment complexes.
Among the five major metropolitan cities outside the capital area, Daegu's apartment bid-to-appraisal ratio was 82.8%, down 4.0 percentage points from 86.8% the previous month. Ulsan also fell 3.5 percentage points to 88.6% from 92.1% the previous month, dropping back below the 90% level for the first time in five months. Gwangju was 80.1%, down 1.3 percentage points from 81.4% the previous month, marking a two-month decline. Daejeon was 85.3%, up 1.0 percentage point from 84.3% the previous month, and Busan rose 0.7 percentage points from 87.1% to 87.8%.
Among the eight provinces outside the metropolitan cities, Jeonnam's apartment bid-to-appraisal ratio was 80.2%, down 3.3 percentage points from 83.5% the previous month, and Jeonbuk fell 1.8 percentage points to 84.5%. In contrast, Gangwon was 83.4%, up 6.8 percentage points from 76.6% the previous month. Gyeongnam was 82.1%, up 6.4 percentage points from 75.7% the previous month, recovering the 80% level in three months. Chungbuk was 86.0%, up 2.9 percentage points, while Gyeongbuk and Chungnam rose 1.5 percentage points and 0.5 percentage points to 82.1% and 84.2%, respectively.
Jeju, with four successful bids, recorded a bid-to-appraisal ratio of 81.2%, while Sejong, with 12 successful bids, posted 88.1%.