Seoul Apartments Sold 1.5 Times More Than First Half of Last Year

[Financial News] With Seoul apartment sales transactions continuously increasing since last year, it was found that sales transactions have significantly increased this year.
On the 18th, based on the actual transaction prices from the Ministry of Land, Infrastructure and Transport, Dabang analyzed the Seoul apartment sales and lease transactions over the past year and a half from January 2024 to June this year. The total number of Seoul apartment sales transactions until June this year is 42,584. This is a 53% increase compared to the same period last year with 27,744 transactions, and a 43% increase compared to the second half of last year with 29,684 transactions.
Lease transactions totaled 74,725, which is a 1% decrease compared to the first half of last year with 70,555 transactions, but a 9% increase compared to the second half of last year with 68,513 transactions.
Seoul apartment lease transactions have continuously increased in renewing existing contracts rather than new transactions. In the first half of last year, there were 51,461 new lease transactions and 24,094 renewal transactions, with the renewal proportion being about 32%. However, in the first half of this year, there were 43,948 new transactions, among which 30,777 were renewals, increasing the renewal proportion to 41%.
In particular, among the lease renewal transactions in the first half of this year, 17,204 transactions used the contract renewal request right, more than doubling from 7,396 transactions in the same period last year. In the second half of last year, there were 8,340 transactions using the contract renewal request right.
A representative from Dabang said, "In the first half of this year, with the lifting and designation of the land transaction permit system and strong loan regulations in the second half, market uncertainty continues, making cautious decisions by real demanders more necessary than ever."


going@fnnews.com Choi Ga-young Reporter