Record-high transactions at major Seoul complexes surge fivefold ... Songpa joins as the outskirts lead the rise

#. Hanmaeul, a 1,983-unit apartment complex in Guro District, Seoul. Early last month, a 59-square-meter unit sold for a record-high 1.1 billion won. That was nearly 200 million won higher than the 925 million won it changed hands for in mid-September. An 84-square-meter unit in the same complex also sold for a record-high 1.2 billion won last month. It had traded for 900 million won in September, marking a 300 million won jump in just one month.
The number of record-high transactions at the 50 Seoul apartment complexes with the highest transaction volumes this year surged by at least 412% over the same period immediately before the past five months. In other words, record highs became more frequent toward year-end than at the start of the year. Outlying districts such as Nowon, Gwanak and Seongbuk, along with “major” areas of Seoul such as Songpa, accounted for most of them.
■ 59- and 84-square-meter units see a wave of record highs in the second half
A comprehensive survey by Financial News of Seoul’s 50 apartment complexes with the highest transaction volumes, covering January 1 through October 31 this year, found 41 record-high transactions for 59- and 84-square-meter units from June through October—more than five times the eight recorded from January through May. The 59- and 84-square-meter units are key apartment sizes that account for the largest share of units designed in new complexes. Complexes without 59- or 84-square-meter units, or where record highs occurred before the survey period, were excluded.
February had the most monthly record highs through May, with four. There were three in January and one in April, while March and May saw none.
Record highs began to rise noticeably in July. After two in June, the count climbed steadily to six in July, 10 in August, 11 in September and 12 in October. The October total could rise further, since home sales can be reported to the relevant city, county or district office within 30 days of signing a contract.
The complexes that set record highs in August included SK Bukhansan City Apartment Complex in Gangbuk District, with 3,830 units; Mireung Miseong Samho 3rd Complex in Nowon District, with 3,930; Shindonga Complex 1 in Dobong District, with 3,169; and Gwanak Dream Town Apartments in Gwanak District, with 3,544. All are large complexes with more than 3,000 units and active trading.
In September, record highs were set at complexes including Lotte Castle Venezia in Jung District, with 1,870 units, and DMC Raemian e-Pyeonhansesang in Seodaemun District, with 3,293. In October, new highs followed at Hillstate Mediale in Eunpyeong District, with 2,451 units, and Mokdong Central I-Park We’ve in Yangcheon District, with 3,045.
■ Record highs spread across Seoul’s key areas, including the outskirts and Songpa
Most record highs at Seoul’s 50 complexes with the highest transaction volumes this year were concentrated in the city’s outskirts, though some were also recorded in the three Gangnam districts—Gangnam, Seocho and Songpa—including Songpa.
Nowon District had the most complexes with record highs, at six, followed by Songpa and Gwanak districts with five each. There were also three in Guro District; two each in Dobong and Jung districts; and one each in Seodaemun, Yangcheon, Eunpyeong and Jungnang-gu.
Prices varied from 1 billion won or less to the 3-billion-won range. Nowon and Gwanak had the most properties priced at 1 billion won or less and in the 1-billion-won range, while most in Songpa were in the 2-billion- to 3-billion-won range.
Some complexes where prices had been falling rebounded. At Ricentz, a 5,563-unit complex in Songpa District, an 84-square-meter unit sold for a record 3.695 billion won at the end of July, after which the price of the same unit size slid to 2.92 billion won. But it traded for 3.35 billion won on October 9, recovering about 400 million won and narrowing the gap from the record to 345 million won.
As many as six of the 50 complexes posted record-high transactions for both 59- and 84-square-meter units in September and October. They were spread across Guro, Seodaemun, Seongbuk, Yangcheon, Eunpyeong and Jung districts rather than concentrated in one area. Real estate commentator Yun Ji-hae said, “The 50 Seoul apartment complexes with the highest transaction volumes are indeed complexes that lead the city,” adding, “They can be considered representative, to some extent, as major complexes.”
[email protected] Kwon Jun-ho Reporter