April Housing Sales Volume Declines Mainly in the Seoul Metropolitan Area

[Asia Economy Reporter Inho Yoo] Due to the spread of the novel coronavirus infection (COVID-19), the volume of housing sales transactions last month continued to decline, mainly in the Seoul metropolitan area.

The Ministry of Land, Infrastructure and Transport announced on the 20th that the total nationwide housing sales transactions last month were 73,531 cases, a 32.3% decrease compared to 108,677 cases in the previous month. In March as well, nationwide housing sales transactions decreased by 5.7% compared to the previous month (115,264 cases).

Compared to the 5-year average of 82,298 cases, it decreased by 10.5%. However, compared to 57,025 cases in the same month last year, it increased by 28.9%.

The Ministry explained, "Due to COVID-19, housing sales transactions are expected to decrease in the future," and "It appears that the impact of COVID-19 was partially reflected in the April sales transaction volume."

The cumulative housing sales transactions for April were 398,806 cases, an increase of 97.3% compared to the same period last year (202,112 cases) and 36.8% compared to the 5-year average (291,545 cases).

By region, the Seoul metropolitan area recorded 36,852 cases, a 43.3% decrease compared to the previous month. Compared to the same month last year, it increased by 45.3%.

The provinces also recorded a total of 36,679 cases, a 15.9% decrease compared to the previous month, but a 15.9% increase compared to the same month last year.

By type, apartment transactions were 48,972 cases, a 38.5% decrease compared to the previous month and a 36.4% increase compared to the same month last year. Transactions other than apartments totaled 24,559 cases, increasing by 15.5% compared to the previous month and 16.2% compared to the same month last year.

This content was produced with the assistance of AI translation services.