2023-04-21 21:30:02
Apartment prices in Gangnam 4-gu, Seoul rose for the first time in 11 months. It is noteworthy that rising transactions are appearing in major condominiums located in Songpa and Gangdong-gu. In Seoul, the transaction volume is increasing and the decline in house prices is clearly slowing down, and the atmosphere is gradually consolidating the bottom.
As this trend becomes more and more evident, there is an atmosphere in which landlords raise asking prices. However, the wait-and-see attitude of consumers remains. In particular, the impact of the end of the spring moving season is added, and there is a prospect that the growth in transaction volume will slow down once more.
Songpa/Dongjak rise range expanded… Seocho·Gangdong Rising Reversal
According to the Korea Real Estate Agency, in the third week of April (as of the 17th), the national weekly apartment sales price fell 0.13%, reducing the drop from the previous week (-0.17%).
The metropolitan area (-0.17% → -0.13%) and the provinces (-0.17% → -0.14%) also show the same trend, and the overall slowdown in decline continues.
Seoul also recorded -0.08% in the apartment price fluctuation rate this week, reducing the fall. In particular, it is noteworthy that apartment prices in the southeast area, which includes Gangnam 4-gu (Gangnam, Seocho, Songpa, Gangdong-gu), have risen in 11 months since the fourth week of May last year.
Within the southeastern region, all three districts recorded an upward trend except for Gangnam-gu (-0.01%). In the case of Songpa-gu, the rise expanded from 0.02% the previous week to 0.04% this week.
Seocho-gu (-0.01%→0.04%) and Gangdong-gu (-0.05%→0.01%) reversed their rise. Dongjak-gu, adjacent to these areas, increased the rise from 0.01% last week to 0.03% this week.
Among the 25 autonomous districts in Seoul, the number of areas where the decline in apartment prices increased increased from 8 last week to 4 this week (Jung, Yongsan, Seongbuk, Dobong-gu).
An official from the Real Estate Institute explained, “There is a wait-and-see attitude due to the expectation of further price drop and the effect of congestion, but the decline has narrowed as the local sale and transaction price rises, such as the occurrence of demand mainly in some highly preferred areas and complexes.”
Seoul house price bottom?… Pursuing high bids Buy ‘not yet’
As such, house prices in Seoul seem to be gradually bottoming out. The trading volume is increasing and the trading price trend is also continuing.
According to the Seoul Real Estate Information Plaza, the sales volume of apartments in Seoul in March was 2879 (as of the 21st), exceeding 2000 for two months in a row following the previous month (2461). Considering that the filing deadline is regarding 10 days away, March’s transaction volume is expected to reach 3,000.
The Seoul apartment actual transaction price index also rose for two consecutive months. In January, it recorded 143.1, an increase of 1.23% from the previous month, and in March, the rise (1.85%) increased to 145.7. The increase in the actual transaction price index in the southeastern region, to which Gangnam 4-gu belongs, was 2.28%, the largest among the five major districts in Seoul.
The actual transaction price index is a figure calculated by comparing the prices of houses with two or more transaction reports in the same complex with the reference point (November 2017).
However, it is unknown whether this trend will continue and Seoul house prices will continue to rise. As the atmosphere appears that the house price is hitting the floor, the landlord is raising the asking price. It is predicted that demanders are likely to return to the wait-and-see tax rather than follow these quotes.
In addition, as the spring moving season, which usually has the highest housing transaction volume, comes to an end, there is a prospect that the wait-and-see attitude of consumers may become more intense. This means that the growth rate of trading volume, which increased sharply in February and March, may slow down somewhat.
Kim In-man, director of the Real Estate Economic Research Institute, said, “This month, the trend of increasing apartment sales volume seems to have slowed down somewhat compared to last February and March.” “The number of purchase inquiries has declined once more,” he explained.
In fact, the apartment transaction volume in Seoul in April is rather small at 759 as of the 21st. There is still more than a month left before the filing deadline, but if the trend continues, there is a possibility that the trading volume will be lower than last March.
Yeo Kyung-hee, senior researcher at Real Estate R114, said, “The difference in asking price following the exhaustion of urgent sales acts as a constraint on purchase, and there is also a significant demand to keep an eye on house price trends while living in a jeonse with a lower price burden than before.” It is expected that trade will slow down due to the fight.”
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