[비즈한국] According to the Seoul Real Estate Information Plaza, among the residential real estate transactions reported in Seoul between 9:00 AM on September 21 and 9:00 AM on September 25, the highest-priced transaction was a 1st-floor unit (exclusive area of 68.91㎡) at Sinbanpo 2nd Apartment in Jamwon-dong, Seocho-gu, which sold for 3.6 billion KRW. The price per pyeong is approximately 172.7 million KRW. The same unit size previously traded for 3.6 billion KRW (8th floor) on September 3, 3.98 billion KRW (3rd floor) on July 23, and 4.16 billion KRW (11th floor) on June 20. As this transaction falls at the lower end of the recently formed price range and it is difficult to verify individual conditions such as the specific building, orientation, and interior condition from public data alone, it is difficult to conclude that the apartment complex's value has risen again.
The second-highest transaction was a 5th-floor unit (exclusive area of 83.70㎡) at Gaepo Jugong Complex 7 in Gaepo-dong, Gangnam-gu, which sold for 3.5 billion KRW. The price difference with Sinbanpo 2nd is 100 million KRW. While this is 250 million KRW higher than the 3.25 billion KRW transaction for a 1st-floor unit of the same size on September 4, it remains below the previous high of 4.05 billion KRW. Although the price rebounded after the low-floor transaction, it is not at a level that can be interpreted as a return to the previous peak.
Third was a 5th-floor unit (exclusive area of 53.06㎡) at Gaepo Jugong Complex 6 in Gaepo-dong, Gangnam-gu, which sold for 2.7 billion KRW. It is the smallest of the top three in terms of exclusive area, with a price per pyeong of approximately 168.22 million KRW. However, it is 480 million KRW lower than the existing record price of 3.18 billion KRW for the same area, making it difficult to view as a new record or a sign of price appreciation. Given the lack of transactions for this size over the past year, it is also difficult to judge the direction of market prices based on a single instance.
The Sinbanpo 2nd's price per pyeong of approximately 172.7 million KRW is about 2.9 times the average price per pyeong for Seoul apartments (59.259 million KRW) reported by KB Real Estate last December. Gaepo Jugong Complex 7 traded at approximately 138.23 million KRW per pyeong, and Gaepo Jugong Complex 6 at approximately 168.22 million KRW per pyeong, both significantly exceeding the Seoul average. However, since none of these three complexes set new record prices in these transactions, it is necessary to distinguish between high price per pyeong and short-term price appreciation.
The fourth-highest was a 6th-floor unit (exclusive area of 59.89㎡) at Raemian Blade Prestige in Gaepo-dong, Gangnam-gu, which sold for 2.5 billion KRW. The previous transaction price for the same size was 290 million KRW higher, at 2.9 billion KRW. With only two transactions of the same size in the past year, it is difficult to generalize this transaction as the representative price level for the entire complex. While three transactions in Gaepo-dong, including this one as well as Gaepo Jugong Complexes 6 and 7, made the top list, none reached their respective previous record highs.
The fifth-highest was a 13th-floor unit (exclusive area of 84.92㎡) at Eton Tower River 5 in Jayang-dong, Gwangjin-gu, which sold for 2.32 billion KRW. This is 20 million KRW higher than the 2.3 billion KRW trade for a similar 84.98㎡ unit last October. As transactions for this size are rare in this complex, it is closer to a case confirming that prices for the 84㎡ range remain around the 2.3 billion KRW mark rather than a sign of rapid growth.
The sixth-highest, a unit (exclusive area of 122.08㎡) at Godeok Lotte Castle Beneluce in Sangil-dong, Gangdong-gu, traded for 2.3 billion KRW. This is a 70 million KRW increase from the previous transaction of 2.23 billion KRW, setting a new upper bound for recent prices. Since large-sized units are rare, with only two transactions of this size in the past year, this should be distinguished from price trends in standard sizes.
The seventh-highest, a unit (exclusive area of 120.65㎡) at Seoul One IPARK in Wolgye-dong, Nowon-gu, traded for 1.90639 billion KRW. This is 74.39 million KRW higher than the 1.832 billion KRW pre-sale price for the 120A type. However, pre-occupancy transactions can vary based on paid options and contract terms, so it is difficult to conclude that the entire difference is a premium. The fact that a large-sized unit in Nowon-gu ranked in the top 10 shows that high-priced transactions this week were not concentrated solely in the Gangnam area.
The eighth-highest, a unit (exclusive area of 80.41㎡) at Forena Songpa in Geoyeo-dong, Songpa-gu, traded for 1.88 billion KRW. It is difficult to gauge the price trend as there have been no confirmed sales for the same size in the past year. While an adjacent 84.80㎡ unit traded for 1.6 billion KRW in August, the sample size is insufficient to judge that the entire complex's market price has risen to the 1.8 billion KRW range, as the sizes and individual unit conditions differ.
The ninth-highest, a unit (exclusive area of 84.98㎡) at Magok Hillstate in Magok-dong, Gangseo-gu, traded for 1.74 billion KRW. A 14th-floor unit of the same size also traded for 1.74 billion KRW in July, repeating the recent price ceiling. This is 50 million KRW lower than the complex's record of 1.79 billion KRW for an 84㎡ unit, but it aligns with the trend where 84㎡ units, excluding low-floor trades, are generally forming in the mid-to-high 1.6 billion to 1.7 billion KRW range.
The tenth-highest, a unit (exclusive area of 84.94㎡) at Yangpyeong Hyundai 6th in Yangpyeong-dong 3-ga, Yeongdeungpo-gu, traded for 1.535 billion KRW. Since the same size traded for 1.54 billion KRW in both May and June, it can be viewed that the recent high-price level for 84㎡ units has been maintained.
Looking only at the top 10 transactions, the absolute prices in Seocho-gu and Gangnam-gu remain high; however, the overall price indicators for Seoul during the same period show a different direction. According to the Korea Real Estate Board's survey for the third week of September, Seoul apartment prices rose 0.13% from the previous week, marking 85 consecutive weeks of growth, but the rate of increase slowed from the previous week's 0.16%. While the 14 districts in Gangbuk rose by 0.28%, the 11 districts in Gangnam rose by only 0.01%. Gangnam-gu fell 0.42%, Seocho-gu fell 0.37%, and Songpa-gu fell 0.14%, whereas Nowon-gu rose 0.37%, Gangseo-gu rose 0.33%, and Gangdong-gu rose 0.15%. In last week's top transactions, many Gangnam properties were sold below their previous peak, whereas non-Gangnam transactions such as the large-sized unit at Godeok Lotte Castle Beneluce, Magok Hillstate, and Yangpyeong Hyundai 6th were near their recent price ceilings. This is why it is difficult to generalize the few high-priced transactions and the overall Seoul index as the same trend.
Unlike the price index rise, transaction volume has shrunk. Based on contract dates, Seoul apartment transaction volume in August was 2,322 units, a decrease of approximately 60% from July. It fell from 8,983 units in May to 5,305 in June, rebounded to 5,841 in July, and has now decreased again. The limit for mortgage loans for housing purchase purposes in the metropolitan area and regulated areas is differentially applied: 600 million KRW for market prices of 1.5 billion KRW or less, 400 million KRW for prices between 1.5 billion and 2.5 billion KRW, and 200 million KRW for homes exceeding 2.5 billion KRW.
The top three transactions this time all exceeded 2.5 billion KRW, limiting the maximum mortgage loan to just 200 million KRW. Consequently, ultra-high-priced transactions are likely led by buyers with a high proportion of their own capital, and even if individual transactions continue, it is difficult to conclude that the buying power of the entire market has recovered. The Seoul apartment market is in a phase of differentiation by price range, where peripheral and mid-to-high-end complexes continue to see price increases, while high-priced homes in the Gangnam area show a combination of decreasing transaction volume and trades below previous peaks.
※ This article was written by Bizhankook and MetaVX's generative AI together.