In November, it was found that the housing transaction volume in Busan and Ulsan doubled compared to the previous month. On the other hand, home sales such as Seoul and Incheon declined significantly. As the metropolitan area is bound by various regulations, it is shown that the’balloon effect’, which intensifies purchases in the provinces, is more than expected.
According to data compiled by the Ministry of Land, Infrastructure and Transport on the 24th of November 2020, the total number of home sales in November was 11,6758 cases, 25.9% from 9,2769 cases in October, and 92,413 cases in November last year. In comparison, it increased by 26.3%. Until November of this year, the cumulative home sales volume (1,390,024) surged 65.8% from the same period of the previous year (68,6857). It is the largest cumulative trading volume in November since 2006. It is analyzed that this is because the sentiment that’I can’t afford my house unless it’s now’ has been strengthened as the house price and the jeonse price have risen at once.
In particular, home sales in regions centered on Busan and Ulsan increased significantly. In November, the number of housing transactions in Busan was 19,588, up 95.4% from the previous month and 164.6% from the same month last year. The number of transactions in Busan is the largest ever on a monthly basis. The volume of transactions in Ulsan in November (4819 cases) also increased by 105.5% from the previous month and 99.0% from the same month last year.
Park Hap-soo, a senior real estate expert at KB Kookmin Bank, said, “Before Busan and Ulsan were recently enclosed in regulated areas in November, requirements such as acquisition tax were more favorable than those in Seoul and metropolitan areas.” It soared,” he explained. For similar reasons, the November transaction volume in Gwangju and Daegu also increased 70.3% and 35.8% compared to the previous month, respectively. The trading volume in Gyeongsangnam-do and Gyeongsangbuk-do also rose 86.0% and 51.2% from the previous month, respectively.
Conversely, the volume of transactions in Seoul in November was 182, down 5.1% from the previous month (1629), and plummeted 41.8% compared to last November (17,313). It is analyzed that this is not only because the house price was so high, but also the burden of ownership tax, acquisition tax, and transfer tax was much higher than that of other regions.
Last month, 173,578 transactions were signed nationwide. This is a 0.4% increase from the previous month and 13.2% from the same month last year. In Seoul, 5,5978 contracts were made, an increase of 0.6% from the previous month, and 53,617 contracts were made in the provinces, similar to the previous month.
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