![A view of the Jugong Apartment in Sanggye-dong, Nowon-gu, which was selected as the autonomous district where foreigners bought the most apartments in Seoul last year. [매경DB]](https://i0.wp.com/file.mk.co.kr/meet/neds/2021/01/image_readtop_2021_70105_16112683404515516.jpg?w=560&ssl=1)
A view of the Jugong Apartment in Sanggye-dong, Nowon-gu, which was selected as the autonomous district where foreigners bought the most apartments in Seoul last year. [매경DB]Last year, the preference for Seoul was more prominent in the nationwide real estate market. Despite the surge in housing prices in Seoul last year, it is observed that the proportion of people who do not live in Seoul to purchase apartments in Seoul recorded the highest in the last five years, which will further accelerate the’in Seoul’ phenomenon.
According to the Korean Real Estate Agency’s purchaser’s apartment sales transaction by residence on the 21st, last year, the number of Seoul apartment purchases (other than the jurisdiction) by people who do not live in Seoul was 2,797 cases, accounting for 22.2% of the total 93784 transactions by the purchaser’s residence. . 2,797 cases are a 32% increase from 15,718 cases in 2019.
As real estate transactions in December last year were not fully reflected, if these numbers are added together, the number of purchases is expected to reach the largest in the last five years.
Between 2016 and 2020, the most active purchase of apartments in Seoul by non-residents in Seoul was 21,063 in 2016, a difference of 266 from 2020. In December last year, the number of Seoul apartment purchases by non-residents in Seoul was 1831, up 72% from November of the same year, so when the transaction in December is reflected, the number of purchases will increase further.
An official from the real estate industry said, “Based on the latest trends, the 2020 record is sure to be the highest ever, and this phenomenon will continue to accelerate in the future.”
The share of non-residents in Seoul buying apartments in Seoul is also the highest in the last five years. In 2016, when the most active purchase was made, the percentage of foreigners buying apartments in Seoul was 17.2%. It continued to rise and recorded 22.2% last year.
Despite the surge in apartment prices in Seoul, foreigners’ buying trend is active because the lack of supply and various regulations have reinforced the preference for’Smart One’. Shim Gyo-eon, a professor of real estate at Konkuk University, said, “In the case of rural areas, except for some large cities, house prices have continued to fall. In a situation where the future of the provinces is not optimistic, the price of houses in Seoul will continue to rise, and the phenomenon of coming from local areas will also strengthen.”
The rise in house prices due to shortage of supply also fueled the’in Seoul march’ of non-residents in Seoul. According to the Korea Housing Association, since the Moon Jae-in administration’s inauguration, the monthly average nationwide housing sales were 15,855 households (69,7639 households in total, 44 months), which is less than the average monthly average of 10,6233 households in the Park Geun-hye administration. In Seoul alone, the Moon Jae-in administration’s monthly average sales are 2377 households, which is less than the Park Geun-hye administration’s 2,520 households. Professor Kwon Dae-jung of the Department of Real Estate at Myongji University said, “While the apartments in Seoul would rise by 100 million to 200 million won for the same 500 million won, but Seoul has become an apartment with 1 billion won?” It was invested in Seoul, not in the province.”
By distinction, Nowon-gu was found to have purchased the most with 2,168 cases, non-residents in Seoul, followed by Guro-gu (1525) and Gangseo-gu (1494). Professor Shim said, “It seems that outsiders who judged that the house prices in Gangnam were more difficult to rise, chose this area with relatively low house prices.”
Paradoxically, the number of Seoul citizens buying apartments outside of Seoul also recorded a record high. Last year, the number of apartment purchases outside the jurisdiction of Seoul residents was 67,000, up 2.1 times from 31,444 in 2019. It is the most common since 2006 related statistics were written.
The area where Seoul citizens lived the most was Gyeonggi-do (45,959 cases). Incheon (5451 cases) and Gangwon (2651 cases) followed. This means that Seoul citizens and non-residents of Seoul’cross-bought’ led to an increase in house prices nationwide. Young-jin Ham, head of Jikbang Big Data Lab, pointed out that “Seoul people’s trading of remote housing has the side of buying to unregulated areas or short-term gains,” he said. “If population movement is not supported, it can be seen as speculation aiming for the difference.” did.
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