The regional polarization of the Seoul apartment auction market has intensified. The effects of lifting the land transaction permission zone led to higher bid rates in nearby areas.
According to the “February 2025 Auction Trend Report” released on the 10th by GG Auction, a specialized auction data company, the number of apartment auctions nationwide in February was 3,379, an increase of about 24% compared to the previous month (2,730 cases). The bid completion rate rose by 1.2 percentage points to 42.6% from 41.4% in the previous month.
The rise in the bid completion rate appears to be due to the depletion of numerous low-priced properties that were repeatedly unsold in some regions. The successful bid rate showed little difference, registering at 84.7% compared to 84.8% in the previous month. The average number of bidders was 7.2, an increase of 0.7 from 6.6 the previous month.
The number of apartment auctions in Seoul was 253, an increase of about 10% compared to the previous month (231 cases). The bid completion rate fell by 4.5 percentage points to 42.7% from 47.2% in the previous month, and the successful bid rate decreased by 1.5 percentage points to 91.8% from 93.3% in the previous month. The increase in new auction items has led to a continued weak successful bid rate in less popular areas, causing the overall figures to decline.
Meanwhile, in the area around Jamsil-dong, Songpa-gu, whose land transaction permission zone designation was lifted, housing prices surged, leading to strong successful bid rates for newly constructed large apartment complexes nearby. The average number of bidders increased by 1.9 to 8.9 from 7.0 the previous month.
In Gyeonggi Province, the number of apartment auctions increased by about 43% to 753 cases compared to the previous month (528 cases). The bid completion rate rose by 6.2 percentage points to 51.8% from 45.6% the previous month, marking the highest rate in 2 years and 9 months since May 2022 (54.6%). The mass auction of several rental properties owned by a construction company in Jungri-dong, Anseong city, at low prices boosted the average bid completion rate. The successful bid rate decreased by 0.8 percentage points to 86.1% from 86.9% in the preceding month. The average number of bidders was 9.4, an increase of 0.3 from 9.1 the previous month.
In Incheon, the number of apartment auctions decreased by about 7% to 225 cases compared to the previous month (243 cases). The bid completion rate fell by 3.3 percentage points to 33.3% from 36.6% the previous month, largely due to a significant drop in the bid completion rate of apartments in Songdo-dong, Yeonsu-gu, which dragged down the overall average. The successful bid rate fell by 0.2 percentage points to 80.5% from 80.7% in the previous month. The average number of bidders increased by 2.6 to 9.7 from 7.1 the previous month.
Among the five major metropolitan cities in the provinces, Busan’s apartment successful bid rate dropped by 1.3 percentage points to 78.5% from 79.8% the previous month. Daegu’s rate increased by 6.0 percentage points to 81.5% from 75.5%, ending a six-month decline, and Daejeon’s rate rose by 5.8 percentage points to 79.5%, marking a rebound after three months. Ulsan’s rate increased by 5.5 percentage points to 89.5%, and Gwangju’s rate rose by 0.8 percentage points to 79.1%.
Among the eight provinces, Gangwon saw the largest decline, with its successful bid rate dropping by 4.5 percentage points to 82.5% from 87.0% the previous month. Jeonnam and Jeonbuk fell by 0.9 percentage points to 76.9% and by 0.1 percentage points to 84.0%, respectively. Chungnam increased by 4.0 percentage points to 82.3% from 78.3%, and Gyeongbuk rose by 3.9 percentage points to 83.3%. Chungbuk and Gyeongnam increased by 1.4 percentage points to 81.3%, and by 0.7 percentage points to 76.6%, respectively.
Of the six cases in Jeju, two auctions were successfully bid on, marking a successful bid rate of 92.5%, reaching the highest in two years since February 2023. In Sejong, 12 out of 29 cases were successfully bid on, recording a successful bid rate of 85.1%.