More Than Half of Seoul Apartments Have Retailed Their All-Time High Prices

More than half of Seoul apartment transactions in the third quarter of this year surpassed their previous all-time high prices. According to data released by real estate platform Zigbang on the 12th, of the 10,930 Seoul apartment sales between July and September that were comparable to past record highs, 54.7% (5,977 transactions) sold at prices equal to or above the previous record. Here, the record high refers to the highest price at which an apartment of the same size (exclusive floor area) in the same complex was traded up to December 31 of last year.

The share of Seoul transactions at or above previous highs rose from 38.2% in the first quarter to 43.0% in the second and 54.7% in the third. By district, gains were particularly pronounced in non-Gangnam areas such as Dongdaemun-gu (45.7%→81.9%), Seongbuk-gu (32.1%→68.5%), and Seodaemun-gu (44.4%→73.5%). However, transaction volumes in these districts fell in the third quarter compared with the first.

According to Seoul Real Estate Info Plaza apartment transaction data, Dongdaemun-gu recorded 452 transactions in the third quarter, down 40.4% from 758 in the first. Seongbuk-gu fell 41.3% from 1,101 to 646, and Nowon-gu dropped 27.1% from 2,070 to 1,510.

In Gangnam, which led price increases through last year, both the share of record-high transactions and volumes declined. In Gangnam-gu, the share fell 12.0 percentage points from 55.0% in the first quarter to 43.0% in the third, while volume dropped 34% from 532 to 351 transactions. Seocho-gu also saw its share fall from 67.6% to 62.6%, with volume down 26% from 427 to 316.

A similar pattern emerged in Gyeonggi Province. Of 33,619 comparable transactions in the third quarter, 22.4% occurred at or above previous highs, rising for the third consecutive quarter after 12.0% in the first and 18.9% in the second. Bundang-gu in Seongnam had the highest share at 94.1%, followed by Sujeong-gu (77.2%), Suji-gu in Yongin (74.1%), Hanam (73.6%), and Jungwon-gu in Seongnam (65.4%). By contrast, Uijeongbu (6.4%) and Paju (4.0%) remained low, highlighting a stark regional gap within the province.

Kim Eun-seon, head of Zigbang's Big Data Lab, said, "As lending regulations and financing burdens increase, genuine buyers' interest is shifting to areas with relatively lower price burdens."