2024-04-20 07:17:08
Registered04/20/2024 4:17 p.m.
Edit04/20/2024 4:46 p.m.
Are property prices in Seoul increasing? No, the province and the river are still waiting and watching
Photo = Yonhap News Recently, apartment prices in Seoul have rebounded for four weeks, but property prices in “No, Do and River” (Nowon, Dobong and Gangbuk-gu) are not increasing at all. Because real estate prices are cheaper than elsewhere in Seoul, it is an area where people in their 20s and 30s, lacking financial resources, flocked to buy with their souls during the real estate market boom. Demand for roads, provinces and rivers is not recovering as the trend of high interest rates continues longer than the market initially expected, according to an analysis.
According to the Korean Real Estate Agency, on the 20th, apartment prices in Seoul increased by 0.03% in the third week of April (as of the 15th) compared to the previous week. It has been up for four consecutive weeks since the fourth week of last month. Most of Seoul’s 25 districts are either flat or rising. However, Nowon-gu (-0.01%), Dobong-gu (-0.03%) and Gangbuk-gu (-0.01%) fail to stop the downward trend in property prices . Nowon-gu and Gangbuk-gu have been in decline for 24 consecutive weeks since November last year, and Dobong-gu has been in decline for 22 weeks. Reportedly, downward transactions continue to occur, particularly in small and medium-sized apartments valued at around 600 million won, which have attracted an influx of young people. According to the Actual Transaction Price Disclosure System of the Ministry of Land, Infrastructure and Transportation, 84㎡ exclusively for “Ssangmun e-Pyeonhansesang” in Ssangmun-dong, Dobong-gu, changed hands for 600 million won on 15. Compared to the transaction price for the same area last February (688 million won), it fell by 88 million won in two months. A 59㎡ exclusive space for “SK Bukhansan City” in Mia-dong, Gangbuk-gu, is trading for 550 million to 560 million won this month. A month ago, the transaction price for the same area was 561 million to 599 million won.
The industry estimates that apartments in Noh, Provincial and Gang districts will likely be lower than those in other Seoul districts at the moment. Indeed, the high interest rate trend continued for longer than the market expected, with the timing of the U.S. interest rate cut, initially expected around June this year, becoming vague. This means there might be more properties for sale in areas where young people are flocking to buy properties. In fact, the number of apartments for sale in No, Do and Gang continues to increase. According to Asil, a big data real estate company, there are around 5,800 apartments for sale in Nowon-gu. The number of properties for sale in Dobong-gu and Gangbuk-gu are around 2,300 and 1,300 respectively. The number of cases in the three localities increased by around 100 to 600 compared to the beginning of this year.
Furthermore, the government’s tightening of lending regulations, such as the introduction of the Debt Service Ratio (DSR), also acts as a barrier to rising property prices. An official from Dobong-gu A public said, “The Noh, Do and River areas are places in Seoul where property prices first fall and then rise,” adding, “There are a lot of houses cheap, so we expected an influx of consumers with the launch of the special loan for newborns, but there are fears that apartment prices will fall even further. “Buying sentiment is not recovering due to concerns,” he explained.
Reporter Kim So-hyun [email protected]
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