[비즈한국] High-priced residential real estate transactions in Seoul for the last week of September were concentrated in Seocho-gu and Gangnam-gu, with properties in Songpa-gu also making the list. According to the Seoul Real Estate Information Plaza, based on actual transaction prices for residential real estate in Seoul from 9:00 AM on September 28 to 9:00 AM on October 2, a 6th-floor unit at Raemian Firstige in Banpo-dong, Seocho-gu (exclusive area of 198.04㎡) recorded the highest weekly price, selling for 7.5 billion won.
The price per pyeong was approximately 125 million won, more than double the average Seoul apartment sale price of 59.259 million won per pyeong recorded last December, according to KB Real Estate. However, since units of the same size sold for 7.7 billion won, 7.85 billion won, and 8.05 billion won in May of this year, this transaction can hardly be considered a new record high or an uptick in price. While it is difficult to confirm specific details like orientation or interior condition from public data alone, this price is at least lower than the upper range of recent prices for the same area.
The second highest transaction was a 4th-floor unit at Shinbanpo 2nd Apartment in Jamwon-dong, Seocho-gu (92.20㎡), which sold for 4.6 billion won. The price per pyeong is approximately 164.93 million won. With transaction prices over the past six months ranging between 4.6 billion and 5.02 billion won, this deal sits at the lower end of the recent spectrum. Shinbanpo 2nd is currently preparing for business implementation approval after passing Seoul's integrated deliberation for urban renewal projects, with plans for a reconstruction project of up to 49 floors and 2,056 households. Despite the project's progress, looking solely at this price, it appears closer to a verified adjustment in transaction price rather than a case where reconstruction expectations drove the price above previous highs.
The third place also came from the same complex. A 8th-floor unit at Shinbanpo 2nd (68.91㎡) sold for 3.5 billion won, with a price per pyeong of approximately 167.9 million won. This area traded for 3.6 billion won in early September and September 21, and between 3.9 billion and 4.2 billion won in the first half of the year. This 3.5 billion won figure is 100 million won lower than the previous transaction and falls at the lower end of the range seen over the past year. Although two units of the same complex appeared in the high-priced list on the same day, both failed to reach recent highs.
Ranking fourth, a 26th-floor unit at Banpo Riche in Banpo-dong, Seocho-gu (59.99㎡) sold for 3.15 billion won. The same unit size traded for 3.53 billion won in July and 3.4 billion won in August. Despite being on the 26th floor, this transaction is 250 million won lower than the previous one and sits at the lower end of the six-month transaction range. While differences may exist based on individual property conditions, it is difficult to classify this as a price increase.
The fifth and sixth spots were taken by Eunma Apartment in Daechi-dong, Gangnam-gu (76.79㎡). A 14th-floor unit sold for 3.13 billion won (5th place), and a 1st-floor unit sold for 3.05 billion won (6th place). The same size traded at 3.16 billion and 3.17 billion won in mid-September, and in the 3.4 billion won range in August. The 14th-floor transaction falls within the recent 3.1 billion won range but is lower than the previous high, while the 1st-floor trade can be seen as a price difference reflecting the floor level. The fact that two transactions of the same size occurred in a short period repeatedly shows the market price is in the low 3-billion-won range, but there is insufficient evidence to claim that the upper bound of prices has risen.
The seventh and eighth spots were occupied by Gaepo Jugong Complex 6 in Gaepo-dong, Gangnam-gu. A 3rd-floor unit (60.13㎡) sold for 3.02 billion won, and a 6th-floor unit (53.06㎡) sold for 2.68 billion won. The 60.13㎡ unit price is 180 million won lower than a 2nd-floor unit that sold for 3.2 billion won on September 22. The 53.06㎡ unit was also 20 million won lower than the previous 2.7 billion won transaction. Gaepo Jugong Complex 6 is pursuing an integrated reconstruction project with Complex 7, but these contracts were signed at prices lower than recent transactions, regardless of the progress of the urban renewal project.
In ninth place, a 3rd-floor unit at Daechi Hyundai in Daechi-dong, Gangnam-gu (59.82㎡) traded for 2.4 billion won. An 8th-floor unit sold for 2.6 billion won in early September, and a 22nd-floor unit sold for 2.54 billion won in July. This price is 20 million won higher than the 2.38 billion won sale of a 3rd-floor unit in May, but it is far from the upper end of recent transaction prices. With price differences between floors, this confirms that low-floor transactions in the 2.4 billion won range are occurring again.
Rounding out the top 10 is a 27th-floor unit at e-Pyeonhansesang Songpa Park Central in Geoyeo-dong, Songpa-gu (113.18㎡), which sold for 2.29 billion won. This is 260 million won higher than a 30th-floor unit that sold for 2.03 billion won in May. This is one of the rare cases among the top 10 where the price rose significantly compared to the previous transaction of the same area. However, because there have not been many transactions for this size over the past year, it is difficult to conclude that the entire complex has risen based on this single sale.
The top 10 transactions this week were concentrated in the "Gangnam 3-gu" (districts), with 4 in Seocho-gu, 5 in Gangnam-gu, and 1 in Songpa-gu. However, it is necessary to distinguish between high absolute prices and the weekly price trend of these areas. In the Korea Real Estate Board's weekly survey as of September 28, Seoul's apartment sale prices rose by 0.09%, but unlike the 0.24% rise in the 14 Gangbuk districts, the 11 Gangnam districts fell by 0.04%. Gangnam-gu fell by 0.56%, Seocho-gu by 0.33%, and Songpa-gu by 0.19%. Many of the top transactions this week, such as Raemian Firstige, Shinbanpo 2, Banpo Riche, Eunma, and Gaepo Jugong Complex 6, were sold at prices lower than recent highs or previous transactions for the same size. While high-value contracts continue to be signed in the Gangnam area, the market situation is different from one where the price ceiling is rising in unison.
Transaction volume has also moved in a different direction than the price index. According to Ministry of Land, Infrastructure and Transport housing statistics, Seoul apartment sales in August decreased by approximately 30% from the previous month, indicating that even as average prices in Seoul rise, the gap in price expectations between buyers and sellers is widening. Currently, the housing mortgage loan limit for the purpose of purchasing homes in the metropolitan area and regulated zones is differentially applied: 600 million won for market values of 1.5 billion won or less, 400 million won for values between 1.5 billion and 2.5 billion won, and 200 million won for values exceeding 2.5 billion won. While actual loan tiers are based on the market value determined by financial institutions, 8 out of the top 10 transactions this time exceed 2.5 billion won in transaction price, and the 9th and 10th places also exceed 1.5 billion won. The higher the transaction price, the more the market structure is inevitably influenced by buyers with a higher proportion of personal capital rather than loans. This is why it is difficult to generalize the phenomenon of continuing high-value transactions amid low transaction volume as a strong upward trend for the entire Seoul market.
※ This article was written by BizHankook and MetaVX’s generative AI.