The proportion of apartments sold for over 1.5 billion won is at an all-time high.
In the first quarter of this year, the proportion of apartment transactions in Seoul valued at over 1.5 billion won hit an all-time high, while those valued at less than 600 million won hit an all-time low. /Source: The Fact DB
‘It was reported that in the first quarter of this year, the proportion of apartment transactions in Seoul valued at less than 600 million won hit an all-time low, while transactions for apartments valued at over 1.5 billion won reached an all-time high.’
‘According to the analysis results of the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system released by real estate information provider Economic Lab on the 8th, the number of apartment transactions in Seoul from January to March this year was 9,314. Among them, the number of apartment transactions valued at less than 600 million won was 2,188, accounting for 23.5% of the total transactions.’
‘This is the lowest figure since the Ministry began compiling relevant statistics in the first quarter of 2006.’
‘The proportion of apartment transactions in Seoul valued at less than 600 million won was 70.7% in 2017, and decreased to 60.8% in 2018, 62.5% in 2019, 52.1% in 2020, and 28.9% in 2021. It increased to 38.1% in 2022 but dropped back to 28% last year.’
‘In terms of price range, the number of apartment transactions for 600 million won or more but less than 900 million won was 2,568, accounting for 27.6% of the total transactions. The number of transactions for 900 million won or more but less than 1.5 billion won was 2,870, the highest number in the first quarter of this year, with a proportion of 30.8%, a record high.’
‘A total of 1,688 apartments were sold for over 1.5 billion won, accounting for 18.1% of the total transactions, setting the highest proportion since the Ministry of Land statistics were compiled.’
Since 2006, when the Ministry of Land, Infrastructure and Transport began compiling the proportion of apartment transactions in Seoul/ Economic Lab
‘Among the 25 districts in Seoul, Dobong-gu had the highest proportion of apartment transactions valued at less than 600 million won in the first quarter of this year. Out of 303 total transactions, there were 236 transactions valued at less than 600 million won, accounting for 77.9%.’
‘This was followed by △Jungnang-gu 58.1% △Nowon-gu 57.8% △Geumcheon-gu 53.1% △Gangbuk-gu 48.4% △Guro-gu 45.4% △Eunpyeong-gu 31.6% △Gangseo-gu 29.7% △Jongno-gu 29.7% △Dongdaemun-gu 28.4% △Gwanak-gu 27.8% △Jung-gu 24.2%, and so on.’
‘Seocho-gu was identified as the district with the highest proportion of apartment transactions valued at over 1.5 billion won. Out of 391 apartment transactions in Seocho-gu in the first quarter of this year, 287 were valued at over 1.5 billion won, accounting for 73.4%.’
‘Hwang Hansol, a research fellow at Economic Lab, said, “Due to factors like high interest rates, there is a continuing trend of preference for ‘one house in a good location,’ with apartments priced between 900 million won and 1.5 billion won leading the market in Seoul,” and added, “It is expected to become increasingly difficult to find low-priced apartments priced at or below 600 million won in Seoul in the future.”
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