[비즈한국] According to the Seoul Real Estate Information Plaza, based on data collected for residential property transactions in Seoul from 9:00 AM on September 7 to 9:00 AM on September 11, the highest weekly transaction price was recorded by an 8th-floor unit of Banpo Xi in Banpo-dong, Seocho-gu, with a dedicated area of 84.94㎡, which sold for 5.05 billion KRW.
The price per pyeong (3.3㎡) for the 8th-floor unit of Banpo Xi (dedicated area 84.94㎡) is approximately 197 million KRW. While this is 150 million KRW lower than the 5.2 billion KRW trades for the same area on July 23 and 31, suggesting it is not necessarily a further price increase, it does maintain the price levels recently formed in the 5-billion-KRW range. However, as this transaction was reported as a direct deal between individuals, caution is required when using it as a standard to judge the overall market price of the complex, compared to standard brokerage transactions.
Second place went to Raemian Firstige, also located in Banpo-dong. A 25th-floor unit with a dedicated area of 84.93㎡ sold for 4.9 billion KRW, with a price per pyeong of approximately 190.73 million KRW. The same unit on the same floor was sold for 5.45 billion KRW last June, and the same area traded at 4.9 billion KRW in April. This current price is 550 million KRW lower than the recent high and matches the price level from this spring. While Banpo’s 84㎡ units are still trading around 5 billion KRW, the data also shows an increased variance in individual transaction prices.
Third place was a detached/multi-family house in Seongsu-dong 1-ga, Seongdong-gu, with a dedicated area of 208.25㎡, which sold for 3.9 billion KRW. The price per pyeong based on floor area is approximately 61.91 million KRW. For detached/multi-family houses, prices are influenced by land size, zoning, road access, and building condition, not just the building area. Since it is difficult to verify all specific conditions of a house based solely on public data, it is challenging to judge price levels or trends by simply comparing it to the average price per pyeong of Seoul apartments.
The 4th-place transaction was for a 27th-floor unit of Ricenz in Jamsil-dong, Songpa-gu, with a dedicated area of 84.99㎡, which sold for 3.6 billion KRW. The same area traded for 3.57 billion KRW in June, and recent trades have formed in the mid-to-high 3-billion-KRW range. While this sale represents the upper end of recent pricing, it is better to observe whether prices around 3.6 billion KRW continue to recur rather than concluding it signifies a further upward trend.
5th place was a 16th-floor unit of Seocho Raemian in Seocho-dong, Seocho-gu, with a dedicated area of 126.31㎡, which sold for 3.5 billion KRW. The previous representative transaction for the same area was a 10th-floor unit in May for 3.35 billion KRW. This latest transaction is 150 million KRW higher, raising the price ceiling for that area. However, given the relatively low frequency of transactions for large-sized units and the decline in the overall price index for Seocho-gu, it is premature to interpret this as a signal of rising prices across the entire Seocho region.
6th place was a 150.65㎡ unit at the Sujeong Apartment in Yeouido-dong, Yeongdeungpo-gu, which sold for 2.8 billion KRW. The same unit sold for 2.75 billion KRW in May, marking a 50-million-KRW increase. This is a case confirming prices in the high 2.7 billion KRW range, amidst a lack of recent transactions for the same area.
7th place was a 98.08㎡ unit at Mok-dong Sinsigaji Apartment Complex 1 in Yangcheon-gu, which sold for 2.77 billion KRW. The same area traded for 2.87 billion KRW and 2.9 billion KRW in July, and 2.97 billion KRW in May. As this current price is lower than recent highs, it is difficult to view it as an upward transaction. While absolute prices in major Mok-dong complexes remain high, price differences between individual transactions are appearing.
8th place was an 84.99㎡ unit at Centras Apartment in Hawangsimni-dong, Seongdong-gu, which sold for 2.4 billion KRW. The same area sold for 2.45 billion KRW in July, and similar 84㎡ types have traded in the high 2.3 billion to high 2.4 billion KRW range. This transaction does not deviate from the recently established price range of around 2.4 billion KRW.
9th place was a 123.76㎡ unit at Yuwon Jeil Apartment Complex 2 in Dangsan-dong 5-ga, Yeongdeungpo-gu, which sold for 2.28 billion KRW. The same area sold for 2.25 billion KRW in July and 2.28 billion KRW in August. With trades in the high 2.2 billion KRW range repeating over two months, the price ceiling has remained relatively stable.
10th place was a 133.34㎡ unit at Dangsan Prugio Apartment in Dangsan-dong 8-ga, Yeongdeungpo-gu, which sold for 2.05 billion KRW. The same area had previously traded for 1.8 billion KRW in February and 1.82 billion KRW in May. This price is 230 million KRW higher than the May transaction, marking a notable case of price fluctuation for a large-sized unit outside of the Gangnam area among the top 10 transactions.
Looking only at the top transactions, high absolute price levels were maintained in key Gangnam-area complexes, with Banpo Xi and Raemian Firstige recording prices around 5 billion KRW and Jamsil Ricenz trading at 3.6 billion KRW. The approximately 197 million KRW per pyeong for Banpo Xi and 190.73 million KRW per pyeong for Raemian Firstige are more than triple the average apartment price per pyeong in Seoul (59.259 million KRW) reported by KB Real Estate last December.
However, in the Korea Real Estate Board's weekly survey as of September 7, Seoul apartment prices rose by 0.20%, a smaller margin than the previous week's 0.22%. While prices in Gangnam-gu fell by 0.35%, Seocho-gu by 0.30%, and Songpa-gu by 0.02%, prices in Gangbuk-gu rose by 0.46% and Dobong-gu by 0.43%. Unlike the high-priced transactions, the overall Seoul price index showed a temperature difference by region, with adjustments in the "Gangnam 3-gu" occurring simultaneously with rises in outer areas that have relatively lower price burdens.
Transaction volume has contracted faster than the price index. According to the Seoul Real Estate Information Plaza, the transaction volume for Seoul apartments in August was 2,887 units, a 50.5% decrease from the 5,829 units in July. While one must consider that the reporting deadline has not yet passed, the decrease is significant compared to 8,661 units in April and 8,976 units in May. With the maximum limit for mortgage loans for housing purchase in capital and regulated areas restricted to 600 million KRW, transactions exceeding 2 billion KRW—and especially those in the 5 billion KRW range—inevitably rely more heavily on personal funds. This is why it is difficult to interpret individual high-priced transactions as a broad recovery in buyer sentiment in the Seoul housing market. The current trend of rising prices coupled with falling volume suggests that, as sellers' and buyers' price expectations diverge, demand is becoming increasingly segmented based on financial capacity and price bracket.
※ This article was written by the generative AI of Biz Hankook and MetaVX.