"Who would pay 3 billion won if prices might fall further?" Mapo homeowners on edge as listings surge

[Financial News] In Seoul’s Mapo District, a transaction has been recorded that, for the first time, exceeds 3 billion won for a standard 84m2 apartment. There had previously been deals approaching the 3 billion won mark.
According to actual transaction data from the Ministry of Land, Infrastructure and Transport on the 6th, the pre-sale right for an 84m2 unit at "Mapo Xi Hillstate Rachels" in Gongdeok-dong, Mapo District, changed hands for 3.06 billion won on February 27.
Industry sources say this is the first time a transaction in Mapo District has surpassed 3 billion won for a standard 84m2 apartment. Considering the land transaction permit period, the sales contract is estimated to have been signed in late January or early February. Earlier in January, a pre-sale right for the same size unit was sold for 2.65 billion won, meaning the price jumped by about 400 million won in just one month.

The complex consists of 10 buildings with a total of 1,101 units and is scheduled for move-in in March next year. In the first-round subscription held in July 2024, it recorded an average competition rate of 163.95 to 1. As a large-scale complex within walking distance of Aeogae Station on Subway Line 5, accessibility is considered a major advantage.
The previous record high for a standard 84m2 apartment in Mapo District was 2.99 billion won, set in January by an 84m2 unit at "Raemian Mapo Riverwell" in Yonggang-dong. An industry official noted, "The 3 billion won level for a standard 84m2 apartment in Mapo District had been viewed as a psychological resistance level," adding, "However, with more listings coming onto the market ahead of the end of the temporary easing of heavy capital gains tax on multiple-home owners, and with price gains already slowing, we need to watch how the trend unfolds."
According to weekly apartment price statistics from the Korea Real Estate Board (KREB), apartment sale prices in Mapo District rose a cumulative 2.34% from the start of this year through March 2. On a weekly basis, however, the pace of increase has been easing. Prices climbed 0.41% in the week of January 26, but subsequent weekly gains fell into the 0.2% range. As of March 2, the weekly increase had narrowed further to 0.13%.
As in other areas, the number of listings is also rising. Real estate data platform Asil shows that, as of this day, there were 2,131 apartment sale listings in Mapo District, up 12.8% from 10 days earlier.
ljb@fnnews.com Lee Jong-bae Reporter