[BizHanKook] According to the Seoul Real Estate Information Plaza, from 9:00 AM on September 21 to 9:00 AM on September 25, the highest-priced transaction among residential real estate in Seoul was a 1st-floor unit at Shinbanpo 2nd Complex in Jamwon-dong, Seocho-gu, with a dedicated area of 68.91㎡, sold for 3.6 billion KRW. The price per pyeong is approximately 172.7 million KRW. The same unit size was traded at 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. This transaction is at the lower end of the recently formed price range, and because it is difficult to confirm individual conditions such as the building, orientation, and interior state from public data alone, it is difficult to conclude that the complex's prices have risen again.
The second-highest transaction was a 5th-floor unit at Gaepo Jugong Complex 7 in Gaepo-dong, Gangnam-gu, with a dedicated area of 83.70㎡, sold for 3.5 billion KRW. The price difference with the Shinbanpo 2nd transaction is 100 million KRW. While this is 250 million KRW higher than the 3.25 billion KRW sale of a 1st-floor unit of the same size on September 4, it remains below the previous high of 4.05 billion KRW. Prices have rebounded after the low-floor transaction, but not to a level that signifies a full recovery to previous peaks.
The third-highest transaction was a 5th-floor unit at Gaepo Jugong Complex 6 in Gaepo-dong, Gangnam-gu, with a dedicated area of 53.06㎡, sold for 2.7 billion KRW. It is the smallest of the top three in terms of dedicated area, with a price per pyeong of approximately 168.22 million KRW. However, it is 480 million KRW lower than the previous record high of 3.18 billion KRW for the same size, 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 difficult to determine the market trend based on this single sale.
The price per pyeong of approximately 172.7 million KRW at Shinbanpo 2nd 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 and 6 were traded at approximately 138.23 million KRW and 168.22 million KRW per pyeong, respectively, both well above the Seoul average. However, since none of these three complexes reached a new recent high in these transactions, it is necessary to distinguish between high prices per pyeong and short-term price increases.
In 4th place was a 6th-floor unit at Raemian Bluestige in Gaepo-dong, Gangnam-gu, with a dedicated area of 59.89㎡, sold for 2.5 billion KRW. The previous transaction for the same size was 2.9 billion KRW, which is 400 million KRW higher. As there have been only two transactions for this size in the past year, it is difficult to generalize this sale as a standard price level for the entire complex. While three transactions in Gaepo-dong—this unit along with those at Gaepo Jugong 6 and 7—made the top 10 list, none reached their previous highs.
The 5th-ranked transaction was a 13th-floor unit at Eaton Tower River 5 in Jayang-dong, Gwangjin-gu, with a dedicated area of 84.92㎡, sold for 2.32 billion KRW. This is 20 million KRW higher than the transaction of a similar size unit (dedicated 84.98㎡) that sold for 2.3 billion KRW last October. Since transactions for the same size are rare in this complex, this is closer to a confirmation that 84㎡ unit prices are hovering around 2.3 billion KRW rather than a sign of rapid appreciation.
In 6th place, a unit at Godeok Lotte Castle Beneluce in Sangil-dong, Gangdong-gu, with a dedicated area of 122.08㎡, was sold 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 it is a rare large unit with only two transactions in the past year, it should be distinguished from general market price trends.
The 7th-ranked transaction was a unit at Seoul One I-Park in Wolgye-dong, Nowon-gu, with a dedicated area of 120.65㎡, sold for 1.90639 billion KRW. This is 74.39 million KRW higher than the 1.832 billion KRW presale price for the 120A type. However, pre-occupancy transactions can vary in cost based on paid options and contract terms, so it is difficult to categorize the entire difference as a simple premium. The fact that a large unit in Nowon-gu made it into the top 10 shows that high-priced transactions this week were not concentrated solely in the Gangnam area.
In 8th place, a unit at Forena Songpa in Geoyeo-dong, Songpa-gu, with a dedicated area of 80.41㎡, was sold for 1.88 billion KRW. There have been no recorded sales for this size in the past year, making it hard to gauge price trends. While an adjacent 84.80㎡ unit sold for 1.6 billion KRW in August, the sample size is insufficient to conclude that the entire complex has reached the 1.8 billion KRW range, given the differences in size and individual unit conditions.
The 9th-ranked transaction was a unit at Magok Hillstate in Magok-dong, Gangseo-gu, with a dedicated area of 84.98㎡, sold for 1.74 billion KRW. A 14th-floor unit of the same size also sold for 1.74 billion KRW in July, repeating the recent price ceiling. This is 50 million KRW lower than the record high of 1.79 billion KRW for 84㎡ units in the same complex, but it aligns with the recent flow where 84㎡ units—excluding low-floor transactions—are generally priced in the mid-to-high 1.6 billion KRW to 1.7 billion KRW range.
In 10th place, a unit at Yangpyeong Hyundai 6th in Yangpyeong-dong 3-ga, Yeongdeungpo-gu, with a dedicated area of 84.94㎡, was sold for 1.535 billion KRW. Since the same size traded for 1.54 billion KRW in both May and June, it can be seen that the recent high price for 84㎡ units has been maintained.
Looking only at the top 10 transactions, absolute prices in Seocho-gu and Gangnam-gu remain high, but broader Seoul price indicators for the same period point in a different direction. In the Korea Real Estate Board's survey for the third week of September, Seoul apartment sale 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%. The 14 districts north of the Han River rose by 0.28%, while the 11 districts south of the Han River rose by only 0.01%. Gangnam-gu fell 0.42%, Seocho-gu fell 0.37%, and Songpa-gu fell 0.14%, while Nowon-gu rose 0.37%, Gangseo-gu 0.33%, and Gangdong-gu 0.15%. While many high-end Gangnam properties were traded below previous highs, non-Gangnam transactions—such as the large unit at Godeok Lotte Castle Beneluce, Magok Hillstate, and Yangpyeong Hyundai 6th—were close to their recent price ceilings. This is why it is difficult to generalize the few high-priced transactions and the overall Seoul index rise as the same trend.
Unlike the price index rise, trading volume has shrunk. As of the contract date, the number of Seoul apartment transactions in August was 2,322, a decrease of approximately 60% compared to July. Transactions fell from 8,983 in May to 5,305 in June, rebounded to 5,841 in July, and have since declined again. The housing mortgage loan limits for the purpose of purchasing homes in the metropolitan area and regulated zones are applied differentially: 600 million KRW for homes valued at 1.5 billion KRW or less, 400 million KRW for homes between 1.5 billion and 2.5 billion KRW, and 200 million KRW for homes exceeding 2.5 billion KRW.
All of the top three transactions this time exceeded 2.5 billion KRW, meaning the maximum mortgage loan limit is only 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 trades continue, it is difficult to conclude that the market's overall purchasing power has recovered. The Seoul apartment market is currently in a phase of price differentiation by segment, where outer areas and mid-to-high-end complexes continue to see price increases, while high-end housing in Gangnam-gu experiences a simultaneous drop in trading volume and trades occurring below previous record highs.
※ This article was written by Bizhankook and MetaVX's generative AI.