"Landlords Say They Can't Sleep" as Anger Boils Over... Area Sees Highest Transactions in 6 Years

In February, apartment sales transactions in Nowon District, Seoul, hit their highest level in about six years. Analysts say this is the result of demand concentrating on homes priced at 1.5 billion won or less, which are eligible for up to 600 million won in mortgage loans. In Nowon District, all apartments are valued at 1.5 billion won or less, and roughly 40% of them are priced at 600 million won or below.
According to the Seoul Metropolitan Government on the 6th, the number of apartment transactions in Nowon District in February was 803. This surpassed the previous peak of 802 in June 2025 and ranked first in transaction volume among Seoul’s 25 districts.
Seoul Metropolitan Government data show that February’s transaction volume was the highest in nearly six years, since 920 deals were recorded in July 2020. Apartments in Nowon District had historically seen fewer transactions than other areas. Recently, however, the number of deals has been rising sharply.
Statistics indicate that transactions rose from 232 in November 2025 to 504 in December, then to 522 in January this year and 803 in February. As of the 6th, March transactions stood at 545. Considering that the reporting deadline is the end of this month, the final figure is expected to approach 1,000.
Experts explain that the surge in Nowon District’s transaction volume is closely linked to a series of regulations. While tightening loan rules, the government has allowed mortgages of up to 600 million won for homes priced at 1.5 billion won or less. Properties under 1.5 billion won are now widely seen in the market as the "upper limit" for buyers.
According to Real Estate R114, as of February this year, 43% of apartments in Nowon District were priced at 600 million won or less, and 57% were between 600 million and 1.5 billion won. In other words, all units are under 1.5 billion won. One expert said, "From the perspective of outer northern Seoul, Nowon District is one of the key areas where buyers can still consider apartments under 1.5 billion won," adding, "Because of loan regulations, outlying districts are enjoying a spillover benefit."
Meanwhile, data from the Korea Real Estate Board (KREB) show that apartment prices in Nowon District rose 2.65% from January through March this year. This exceeds Seoul’s average increase of 2.15% and marks a turnaround from the 0.23% decline in the same period a year earlier. It is a complete reversal from last year, when there were virtually no transactions and homes were not selling. By contrast, in the first quarter this year, Gangnam District recorded a price change of -0.11%, while Seocho District rose 1.09% and Songpa District 1.01%, leaving the Gangnam 3 Districts in a slightly weak overall trend.
ljb@fnnews.com Lee Jong-bae Reporter