▲ File photo
Seoul apartment prices maintained their upward trend in July, rising approximately 15% compared to the same month last year, data showed.
The Seoul Metropolitan Government announced the findings after analyzing the Seoul apartment actual transaction price index trends and apartment transaction volume statistics published by the Korea Real Estate Board.
The actual transaction price index for July is calculated by analyzing actual transaction data for sales contracts signed during the month of July and reported within 30 days of the contract date.
Actual transaction prices for apartment sales in Seoul rose 1.93% in July from the previous month.
Compared to July of last year, Seoul apartment prices increased by 14.56% over the span of a year.
By district group, the southeastern region (Seocho, Gangnam, Songpa, and Gangdong districts) and the northeastern region (Gangbuk, Dobong, Nowon, Seongbuk, Jungrang, Dongdaemun, Seongdong, and Gwangjin districts) saw sharp increases of 2.73% and 2.11%, respectively.
The central region (Yongsan, Jongno, and Jung districts) also recorded a 2.09% increase, showing a growth rate in the 2% range.
By housing size, ultra-small apartments (exclusive area of 40 square meters or less) showed a steep upward trend with a 3.05% increase.
Large apartments (exceeding 135 square meters) followed with a 2.9% rise, and small apartments (40 to 60 square meters) rose 2.28%.
Medium-to-large apartments (85 to 135 square meters) saw a modest increase of 1.06%.
Actual jeonse (lump-sum housing lease) transaction prices in July rose 0.5% compared to the previous month.
The northeastern region (0.88%) and the southeastern region (0.85%) led the upward trend, while the southwestern region (Gangseo, Yangcheon, Yeongdeungpo, Guro, Geumcheon, Dongjak, and Gwanak districts) fell 0.13%.
The city explained that the jeonse actual transaction price index was calculated based on cases contracted in July that received fixed dates or completed lease reports within 30 days.
▲ Trends in actual transaction prices and fluctuation rates of Seoul apartments over the past 5 years
As of the 15th of this month, apartment sales transactions in Seoul for August were tallied at 3,143 units, down 46.2% from the previous month.
However, given that reports for contracts signed in August continue until the end of September, the city explained that there remains a possibility for transaction volumes to increase further.
By price bracket, transactions priced at 1.5 billion won or less accounted for the vast majority at 79.9%.
While the proportion of transactions priced at 1.5 billion won or less had temporarily shrunk due to an increase in tax-saving transactions for high-priced homes in April and May ahead of the expiration of the heavier capital gains tax on multiple homeowners, medium- and low-priced demand from actual end-users has since rebounded.
August jeonse transactions for Seoul apartments stood at 7,263 units, down 18% from the previous month, while monthly rent transactions also decreased by 20.7% to 7,347 units.
The proportion of contract renewals among jeonse transactions reached 58.9%, showing a significant increase compared to the previous month (53%) and the same month last year (43.7%).
The city analyzed that this reflects a contraction in residential mobility shown through figures.
On the other hand, the proportion of exercised contract renewal request rights stood at 48.7%, lower than the previous month (54.1%) and the same month last year (57%).
(Photo provided by Seoul Metropolitan Government, Yonhap News)
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