In the fourth quarter of last year, 303 ‘transactions below the public price’… 6x increase from 1st to 3rd quarters
There is also a sale right that has been lowered by 100 million units in the reverse tax crisis… Concern over can charter
As house prices have fallen rapidly since the second half of last year, the number of apartments in the metropolitan area that have been traded lower than the publicly announced apartment price has increased significantly. In Seoul, so-called ‘minus premium’ (MAPI) sales, which offer sale and occupancy rights at a lower price than the sale price, are also coming out one following another.
Real estate brokerage company Ziptos announced on the 27th that it analyzed the current status of apartment sales in Seoul, Gyeonggi, and Incheon through the Ministry of Land, Infrastructure and Transport’s actual transaction price disclosure system, and found that 303 of the transactions in the fourth quarter of last year were traded below the minimum published price for the same area.
This is a more than six-fold increase from the average of 48 cases from the first to third quarters of last year. Excluding direct transactions, which are often traded below the market price for the purpose of gifting, 232 apartment transactions were traded below the published price.
The 101.83㎡ exclusive area of Seohee Yongchang Apartment in Seocho-gu, Seoul was brokered for 934.8 million won on the 13th of last month. It was nearly 250 million won lower than the lowest publicly announced price of 1.18 billion won for the same area.
Even in apartments in Gyeonggi and Incheon, where both the sales price and the published price soared last year, there were cases in which transactions were concluded at prices lower than the lowest published price. On the 10th of last month, the exclusive area of Humansia Cheonggye Village in Uiwang-si, Gyeonggi-do, was traded at 700 million won, nearly 200 million won lower than the lowest official price (894 million won). On the 13th of last month, 84.97㎡ for Hillstate Lake Songdo 2nd in Yeonsu-gu, Incheon was also sold for 630 million won, 72 million won lower than the lowest official price (702 million won).
Jin Tae-in, head of the apartment brokerage team at Ziptos, said, “The public price is one of the important factors in appraisal when signing up for a leasehold loan or guarantee insurance. It may cause,” he said, urging caution.
Landlords who have sold apartments through high competition rates are also putting up for sale at a loss. As house prices continue to decline and jeonse prices fall steeply, it is difficult to find tenants, and it is a move to organize the sale rights.
According to the real estate industry, ‘Songpa The Platinum’ in Garak-dong, Songpa-gu, Seoul, which is scheduled to move in in January next year, has a lot of sale rights with ‘beginner sales’ and ‘mapi’. The exclusive area of 65㎡ (high-rise), which had a pre-sale price of 1.45 billion won, is listed at 1.314 billion won with ‘Mapi’ at 150 million won. A sale on the 11th floor of the same area is also listed at 1.3214 billion won, which is 130 million won lower than the pre-sale price.
This complex recorded a competition rate of regarding 2,600 to 1, with 75,000 people flocking to the general sale of 29 households in January of last year.
The 64㎡ (10th floor) of ‘Sinmok-dong Viva Hills (Residential Complex)’ in Shinwol-dong, Yangcheon-gu, Seoul, which is scheduled to move in in June this year, is also on sale for 633 million won, 72 million won lower than the pre-sale price (705 million won).
As it is difficult to find tenants in complexes that are regarding to move in, many properties with lower rental prices are coming out. This is because the rental price continues to drop as landlords who want to pay the balance with the jeonse are flocking to the large-scale housing complex at once.
