As soon as the land transaction permit zones were lifted in Jamsil-dong, Songpa-gu, Seoul, the number of visitors surged almost immediately. The data, provided by the apartment information platform Hogangnono, showed that the number of visitors to this area increased from 7,747 to 16,842 in just one day, which is more than double. This spike in interest followed the announcement of the regulation lift. Similar increases were observed in other areas such as Samseong-dong and Daechi-dong in Gangnam-gu.
Specific apartment complexes, particularly in Jamsil, have seen a dramatic rise in interest. Notably, apartments like Jamsil Els, Lotte World Tower (Risene), and Tridgeum were referred to as the “elite” of the area, with visitor numbers increasing significantly. For instance, before the regulation change, the daily average number of visits to Jamsil Els was 1,810, but it rose to 7,931 afterward, showing more than a fourfold increase. Similarly, visitor numbers for Lisene and Tridgeum also saw substantial growth.
On the ground, both asking and actual transaction prices are showing an upward trend. One real estate agent mentioned that current listings for a standard 84㎡ unit in Risene range from 2.8 billion to 3.2 billion won, Jamsil Els listings range from 2.8 billion to 3 billion won, and Tridgeum is listed around 2.8 billion won.
Reflecting this atmosphere, a recent transaction involving a Tridgeum unit (84.95㎡, 6th floor) was reported at 2.55 billion won, increasing by 50 million won from the previous month. Given that real transaction prices are recorded within 30 days of signing a contract, further price increases are anticipated.
Kim Eun-sun, the head of the Big Data Lab at Zigbang, noted that the lifting of these regulations creates an environment that encourages not only residential but also investment interests, suggesting the potential for continued price increases. However, she also mentioned the possibility of price adjustments throughout the region being limited, despite some areas experiencing a ‘leveling’ effect as certain districts adjust their prices based on these trends.