‘Sudden increase’ centered on apartments without covering the metropolitan area and regions
12.78 million home sales transactions last year… 59% increase over the previous year
2.81,9631 transactions for jeonse rent… 12% increase over the previous year
Photo = Yonhap News
As the housing market overheated last year, the nationwide housing transaction volume for the year reached an all-time high. Since the enforcement of the Lease Protection Act, the number of transactions has soared in Seoul and the metropolitan area as well as cheonsei difficulties and even homeless end-users have started’panic buying’ (panic buying).
According to the Ministry of Land, Infrastructure and Transport on the 19th, the annual housing transaction volume last year was 1,273,305, an increase of 58.9% from the previous year (80,5272). This is a 31.7% increase from the five-year average (97,1071 cases). This is the highest ever since 2006, when the government compiled statistics on housing transactions.
In December, the volume of home sales was 14,281 cases, up 20.1% from the previous month (11,6758 cases), up 18.5% from the same month last year (11,8415 cases). The December transaction volume is a summary of reports within 30 days of the contract date.
The annual transaction volume reached 1053,000 cases in 2016, but declined from 2017 (947,000 cases) → 2018 (856,000 cases) → 2019 (805,000 cases). Then, last year, the phenomenon of’panic buying’ appeared in local metropolitan cities and nationwide, so the number of trading transactions soared to 1,127,8305 cases.
By type, apartment transaction volume was 93,4078 last year, up 71.4% from the same period last year. The number of houses other than apartments was 345,227, an increase of 32.7%.
The total monthly rent transaction volume collected based on last year’s confirmed date data recorded a total of 2.18 million,9631 cases, an increase of 12.0% from the same period of the previous year (195,4464 cases). Compared to the five-year average (174 million, 9947 cases), it increased by 25.1%. The share of monthly rent out of the annual cheonsei transaction volume last year was 40.5%, an increase of 0.4 percentage points from the previous year (40.1%).
Hankyung.com reporter Kim Hana [email protected]
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