It was concluded that despite the government’s concerns over last year’s ‘Young Cull (investment by attracting souls)’, the judgment of the 20s and 30s who started buying apartments in Seoul had read the market trends properly, at least so far.
According to the average selling price of apartments in Seoul by real estate investigating agency on the 7th, compared to July of last year, the selling price of apartments in Seoul increased by up to 15.7%. Last July was the time when the Korea Real Estate Agency started to calculate monthly apartment sales statistics by age group, and since January 2019, the number of apartments in Seoul and younger than 30s was the highest. Last July, the number of apartments in Seoul under 30s was 5,907. Compared to 1183 cases in April of the same year, it increased five times.
According to KB Kookmin Bank’s monthly time series statistics, the sale price of apartments in Seoul rose from 950.33 million won in July last year to 1,099.93 million won in March this year. It rose 15.7% (149.6 million won) over 8 months. Another private research firm, Real Estate 114 Statistics, also found that the sale price rose by nearly 10% during this period.
According to the Korea Real Estate Agency, which is a government-approved market research institute, the average sale price of apartments in Seoul during the same period rose 2.9% from 88183 million won to 9711 million won.
The surge in apartment prices in Seoul seems to be due to the spread of anxiety around the younger generation that there is no opportunity to prepare a house if it is not now. Immediately after the enforcement of the lease law, the number of apartment sales in Seoul in August of last year was 6880, which was more than half of that of 16,002 in July of the same year. In February, the proportion of apartment sales in Seoul by those in their 30s or younger reached 40.1%. Recently, apartment sales in Seoul are mainly in their 20s and 30s.
At the general meeting of the National Assembly’s National Land, Infrastructure and Transport Committee in August last year, as the purchase sentiment became stronger, with people in their thirties or younger, the then Minister of Land, Infrastructure and Transport, Kim Hyun-mi, said, “I feel sorry that I bought it because my thirties were brilliant.” However, as apartment prices continued to rise after that, the government could not predict the market trend.
The 84㎡ area dedicated to Gwanak Dream Town in Bongcheon-dong, Gwanak-gu, Seoul, was sold in 34 cases only in June and July of last year. At that time, the complex, which was traded in the high end of 800 million won, hit the highest price by selling for 1.1 billion won in February this year. It has risen more than 200 million won in 8 months. One realtor said, “Not only last year, but also today, there are many inquiries to buy, especially in their 20s and 30s.”
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