Seoul Apartment Sales Over 2 Billion Won Rise to 13.6% in May

The Seoul apartment market saw a notable increase in high-value transactions in May, with sales of properties priced at 2 billion won or more constituting 13.6% of all deals. This marks a significant rise from January's 10.4%. The trend indicates a growing concentration of wealth in the upper echelons of the city's real estate market. Concurrently, transactions within the 1.5 billion to 2 billion won bracket and the 1.2 billion to 1.5 billion won range saw a decline in their share, suggesting a widening gap in market activity. Meanwhile, the proportion of transactions in the more accessible 300 million to 600 million won range increased by 3.7 percentage points to 19.5%. This bifurcation in the market is particularly pronounced in affluent areas like Songpa, Gangnam, Seocho, and Yongsan districts, where the share of 2 billion won-plus transactions surged dramatically, with Gangnam and Seocho exceeding 70%. Conversely, districts like Gwangjin and Gwanak experienced a substantial rise in the 300 million to 600 million won segment, indicating localized market dynamics. Experts attribute this trend to a scarcity of listings and persistent instability in the rental market, pushing some demand into sales. Additionally, financing capabilities in certain price ranges appear to be driving transactions, leading to divergent market structures across different areas.

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Recently, the Seoul apartment market has seen continued ultra-high-priced transactions centered around the Gangnam area and riverside, while in some areas, the proportion of transactions at relatively accessible prices is increasing.