"The 'Bull Market' Has Become an Unstable Market"... What Will Happen to the 1141 People Who Bought the Most Expensive Houses?

[Financial News] In the two weeks following the government's 6.27 real estate measures announcement, the highest-priced apartment transactions in Seoul decreased by 74%.
According to Zigbang on the 14th, the highest-priced transactions of Seoul apartments in the two weeks immediately after the regulation announcement totaled 300, a 74% decrease from the 1141 transactions in the two weeks prior.
In June, the Seoul apartment sales market was truly a "bull market" (burning market). The rising house prices that started in Gangnam quickly spread to areas like Mapo, Yongsan, and Seongdong, with a surge in investment demand and real demand.
During the two weeks before the announcement (June 13 ~ June 26), 1141 out of a total of 4693 transactions were recorded as the highest-priced transactions. This accounts for 24.3% of the total transaction volume. The anxiety that "if you don't buy now, prices will rise further" spread to areas like Mapo, Seongdong, and Gangdong, concentrating the highest-priced transactions.
In response, the government introduced measures including a 600 million won limit on mortgage loans and a ban on jeonse loans before ownership transfer, which were immediately applied the next day, rapidly cooling the market.
Due to the impact of the regulations, both the transaction volume and the highest-priced transactions of Seoul apartments significantly decreased. In the two weeks after the announcement (June 27, 2025 ~ July 10, 2025), the transaction volume was 1312, and the highest-priced transactions were 300. The highest-priced transactions decreased by about 74% compared to before the announcement, and the proportion of highest-priced transactions also decreased by 1.4%p to 22.9%.
While it is natural for the highest-priced transactions to decrease when the transaction volume decreases, the recent decrease in the proportion of highest-priced transactions suggests a shift from aggressive buying to a wait-and-see approach, reflecting the existing buying demand's expectation of price increases and active purchase attitude.
Regionally, areas like Mapo, Seongdong, and Gangdong, which had many highest-priced transactions before the measures, saw a noticeable decrease. Seongdong-gu, which had the most highest-priced transactions (139) in the two weeks before the measures, saw an 84% decrease to 22 transactions after the measures. Mapo-gu (137 transactions) recorded 18 highest-priced transactions after the measures, an 87% decrease. Notably, complexes like Mapo Raemian Prugio 3rd Complex (7 transactions) and Gongdeok Xi (5 transactions), which had the most highest-priced transactions before the measures, had none after the measures. Gangdong-gu's highest-priced transactions also decreased by 80% to 23 transactions after the measures.
Gangnam-gu's highest-priced transactions decreased by 63% from 112 before the measures to 41 after. Major complexes like Raemian Daechi Palace and Gaepo Jugong 5th Complex had no highest-priced transactions. Seocho-gu decreased from 37 to 9 transactions, and Songpa-gu from 64 to 27.
However, in the case of the three Gangnam districts, it should be noted that there is a time gap between the actual contract date and the date on the contract document due to the land transaction permit zone restrictions.
Other highest-priced transactions decreased in △Dongjak-gu (85→15) △Yeongdeungpo-gu (82→18) △Gwangjin-gu (50→16) △Gangseo-gu (34→16), △Dongdaemun-gu (30→4).
The overall atmosphere of the Seoul and metropolitan housing market has entered a deep wait-and-see mode. While the initial confusion over funding plans due to the government's strong policy stance has somewhat subsided, the impact of the high-intensity regulations is showing movements of price adjustments in existing listings. Inquiries about purchases have also decreased, and transactions have virtually come to a halt.
Meanwhile, there is a possibility that demand in the heavily regulated Seoul Gangnam area or redevelopment-focused areas may partially disperse to relatively less regulated areas. Kim Min-young, manager of Zigbang Data Lab, said, "There may be temporary attention to non-regulated areas on the outskirts of Seoul or some areas in Gyeonggi Province, as buyers seek comparatively lower price ranges that match their financial capacity, so additional market monitoring of these areas is needed."

going@fnnews.com Choi Ga-young Reporter