Recently, the search for’advanceable apartments’ in the Seoul real estate market is picking up stars. In anticipation of rising house prices, the landlords are picking up the property, and the tenant has exercised the right to apply for contract renewal in most cases, making it difficult to find an apartment that can move in immediately. Due to the shortage of sales, the amount of goods available for immediate occupancy is rapidly exhausted, leading to a new report.
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Apartments for sale, down 3.3% in a month
According to Asil, a real estate platform on the 12th, the number of apartments in Seoul is 39,158, a 3.3% decrease from the end of last year. The autonomous district with the most sales decline is Nowon-gu, where apartment prices rose the most last year. Nowon-gu decreased by 6.9%, followed by Yongsan-gu (-6.2%), Eunpyeong-gu (-6.1%), and Gwangjin-gu (-5.3%).
January is regarded as a low-demand season for the traditional real estate market, and sales seem to have declined as the buying trend again flows into the Seoul area due to the nationwide circulation market. As the preference for immediately occupiable properties continues, the gap with those reserved for rent is widening.
In the case of a 115㎡ apartment dedicated to life billing Shindonga apartment in Junggye-dong, Nowon-gu, Seoul, the asking price is between 1.4 billion and 1.65 billion won. However, they are mostly reserved for sale.
Nevertheless, after the same equilibrium band recorded the highest price at 1.57 billion won (7th floor) on the 19th of last month, the landlords picked up the sale and raised a bid price of 50 million to 100 million won. This means that the amount of available occupancy is digested in the market and the price of apartments is raised by rewriting the declared price.
An official from a nearby realtor said, “There is no right now available for moving in,” and “I thought that the chartered sale that was posted at 1.6 billion won or 1.65 billion won will be sold at that price,” he said.
The 84m2 for DMC Park Viewzai apartment in Namgajwa-dong, Seodaemun-gu, is being sold by landlords for about 1.25 billion to 1.6 billion won. An official from a nearby realtor said, “In the case of 84㎡, there are 1.3 billion to 1.5 billion won for immediate occupancy.” “There seems to be less than 10 items that can be moved in right now.” In the case of DMC Parkviewzai, 1931 units of 84㎡ type out of total 4300 units.
Another agency official said, “There are cases where the landlord doesn’t even give you the account number at all,” he said.
When the 59㎡ dedicated to Godeok Central Prugio in Godeok-dong, Gangdong-gu, hit the highest price of 1.13 billion won (6th floor) on the 6th, the bid price of the products that had been offered at 1.2 billion won increased by 50 million won. Currently, the equilibrium zone is priced at 1.25 billion to 1.5 billion won.
54 out of 125 actual transactions in Seoul in January
According to the Ministry of Land, Infrastructure and Transport’s actual transaction price disclosure system, 54 out of 125 Seoul apartments reported in January are counted as reported prices. This means that about 43% of the total transaction volume recorded the declared price. Although it decreased slightly from 50.6% last month, it still appears that the procession of reports continues.
Ji-hae Yoon, senior researcher at Real Estate 114, said, “There are not many apartments for sale in the real estate market, so it is in the section of excess demand.” “If a seller’s advantage market is established, prices will continue to rise. The reporter procession is expected to continue for the time being.”