In the previous month, new applications for apartment land transaction permits in Seoul fell 30% from the prior month.
According to the Seoul metropolitan government on the 18th, the number of new applications for apartment land transaction permits in Feb. was 4,521, down 29.8% from the prior month (6,438).
A Seoul city official said, "While the share of applications in the three Gangnam districts (Gangnam, Seocho, Songpa) and Yongsan district, and the seven districts in the Han River belt is gradually declining, the share in the 10 districts in the Gangbuk area (Gangbuk, Nowon, Dobong, etc.) and the four districts in the Gangnam area (Gangseo, Gwanak, Guro, Geumcheon) is expanding," adding, "There is a trend of transactions shifting to mid- to low-priced and outlying areas with relatively lower price burdens."
Looking at the regional shares of new applications for land transaction permits, the three Gangnam districts and Yongsan district decreased from 12.3% in Jan. this year to 11.2% in the previous month. The seven districts in the Han River belt also fell from 24.1% to 21.5% over the same period. In contrast, the 10 districts in the Gangbuk area rose from 45.2% to 47.5%, and the four districts in the Gangnam area increased from 18.4% to 19.8%.
The rate of increase in prices for land transaction applications in Feb. was 0.57%, narrowing from 2.12% in the prior month. In the three Gangnam districts and Yongsan district, the Feb. application price growth rate fell 1.27 percentage points from the prior month, and the seven Han River belt districts also dropped 0.09 percentage points, breaking the upward trend. The 10 districts in the Gangbuk area and the four districts in the Gangnam area rose 1.05% and 1.55%, respectively, from the prior month.
In Jan., the growth rate of actual transaction prices for Seoul apartments was tallied at 1.59%. Compared with the same month a year earlier (Jan. 2025), it rose 15.12%. In Jan., actual transaction prices for apartment jeonse climbed 0.27% from the prior month.