Despite Consecutive Regulations, Nationwide Housing Transactions in July Reach 141,400 Units... 'Record High'

Seoul Jamsil real estate agency scene. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Moon Jiwon] Despite the government's successive real estate regulation policies, last month saw the highest nationwide housing sales volume since statistics began. The cumulative transaction volume from January to July this year also recorded an all-time high.

According to data released by the Ministry of Land, Infrastructure and Transport on the 20th, last month's housing sales volume was 141,419 cases, an increase of 2.1% compared to the previous month and 110.0% compared to the same month last year. The cumulative transaction volume from January to July was 762,297 cases, showing a 99.8% increase compared to the same period last year. This transaction volume is the highest since housing statistics began in 2006.

As the government recently implemented strong measures such as designating four Gangnam districts as land transaction permission zones to curb soaring housing prices in the Seoul metropolitan area, there is an analysis that 'panic buying' among people in their 30s has intensified. However, the Ministry of Land, Infrastructure and Transport stated that since the effects of regulations appear with a time lag, it is premature to evaluate the impact of the measures based solely on July's transaction volume.

Looking at housing transaction volumes in detail, the Seoul metropolitan area recorded 75,725 cases, an increase of 0.3% compared to the previous month and 119.7% compared to the same month last year. Seoul's transaction volume was 26,662 cases, up 37.0% from the previous month and 117.5% from the same month last year. In Sejong, during the same period, there were 1,666 cases, an increase of 1.2% compared to the previous month and a remarkable 404.8% compared to the same month last year.

Last month's jeonse and wolse (monthly rent) transaction volume was 183,266 cases, down 2.4% from the previous month but up 11.8% compared to the same month last year. Since the Jeonse Price Cap System and the Lease Renewal Request Right System were officially implemented on the 31st of last month, the regulatory impact is interpreted as not being significantly reflected yet.

The jeonse and wolse transaction volume in the Seoul metropolitan area was 125,622 cases, down 3.0% from the previous month but up 15.1% compared to the same month last year. Jeonse transactions totaled 112,470 cases, increasing 3.6% from the previous month and 14.6% from the same month last year, while wolse transactions were 70,796 cases, down 10.7% from the previous month but up 7.8% compared to the same month last year.

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