Nationwide Real Estate Transaction Value Reaches KRW 44 Trillion..."Highest in 10 Months"

[Financial News] The nationwide real estate market showed signs of slowing in terms of transaction volume, but transaction value rose sharply.
According to an analysis released on the 16th by commercial real estate specialist Real Estate Planet, based on actual transaction data from the Ministry of Land, Infrastructure and Transport, nationwide real estate sales transaction value in April rose 16.0% from the previous month to KRW 44.1736 trillion. That was the highest level in 10 months, since June last year. In contrast, sales transaction volume came to 104,479 cases, down 2.8% from the previous month, showing diverging trends in volume and value. Compared with the same month last year, transaction volume increased 6.3% and transaction value rose 23.3%, indicating that the overall market size expanded from a year earlier.
In the apartment market, Seoul and Gyeonggi Province clearly led the way. Nationwide apartment transactions in April totaled 49,075 cases, with transaction value reaching KRW 26.9707 trillion, up 0.2% and 19.7%, respectively, from the previous month. Compared with the same month last year, transaction volume jumped 19.0% and transaction value surged 41.4%. Among local governments nationwide, only Seoul and Gyeonggi Province saw both transaction volume and value rise at the same time. Seoul posted explosive growth, with transaction volume up 53.3% to 8,416 cases and transaction value soaring 74.3% to KRW 10.0192 trillion. In Gyeonggi Province, transaction volume and value rose 6.3% and 15.5%, respectively. By contrast, the other 15 cities and provinces saw both measures decline. Daejeon Metropolitan City and Daegu, among others, recorded drops of around 20% in both transaction volume and value, reflecting a sluggish market.
The officetel market rebounded from the previous month. Nationwide officetel sales transactions totaled 3,942 cases, and transaction value reached KRW 961 billion, up 9.0% and 12.7%, respectively, from the previous month. In particular, Jeju Special Self-Governing Province and North Gyeongsang Province saw transaction volume more than double, posting triple-digit growth rates. Seoul also showed momentum, with transaction volume rising 22.9% and transaction value increasing 21.6%. In the retail and office market, transaction volume fell 19.0%, but transaction value still rose 16.4% to KRW 1.5774 trillion. The increase was driven by sharp gains in transaction value in some regions, including Jeonnam and Seoul.
Real Estate Planet CEO Jung Soo-min said, "In the April nationwide real estate sales market, apartments in Seoul and Gyeonggi Province drove the overall increase in transaction value, while in commercial real estate as well, selective buying continues to focus on prime assets with strong location competitiveness and large asset scale."
ming@fnnews.com Jung Min-kyung Reporter