Why Helio City Listings Decreased by 90% in Just One Week

74,126 Total Listings in Seoul... 31.8% Decrease Compared to a Week Ago
More Than Half Drop in Seongnam Bundang, Seoul Songpa, Yangcheon, Seocho, etc.
"It Reveals the Actual Existence of False Listings"

View of the Gangnam Han River apartment complex from the 63 Observatory in Yeouido, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Onyu Lim] Since the enforcement of the 'Revised Licensed Real Estate Agent Act' on the 21st, which imposes fines of up to 5 million won on licensed real estate agents who post false or exaggerated listings online, the number of apartment listings in Seoul has significantly decreased. In particular, in Seoul's Songpa, Yangcheon, Seocho districts, and Gyeonggi's Seongnam Bundang and Gwacheon areas, listings have dropped by more than 50% on average compared to a week ago. This has led to criticism that there was considerable distortion in the real estate market due to false listings.

According to real estate big data company Asil on the 23rd, the total number of apartment sale, jeonse (long-term lease), and monthly rental listings in Seoul is 74,126. This represents a 31.8% decrease compared to 108,578 listings a week earlier. In particular, Bundang-gu in Seongnam-si, Gyeonggi Province, saw a drop from 6,365 to 2,135 listings, a decrease rate of 66.5%. Following that, Seoul's Songpa-gu recorded a 54.7% decrease (8,842 to 4,011 listings), and Yangcheon-gu saw a 49.2% decrease (4,442 to 2,249 listings). Seocho-gu in Seoul also dropped from 13,432 to 7,637 listings (-43.2%). Additionally, Dongjak, Gangnam, Gangdong, Gwangjin districts in Seoul, Seongnam's Sujeong-gu, and Gwangmyeong City recorded decreases of over 30%.

Looking at specific apartments, Helio City in Garak-dong, Songpa-gu, decreased dramatically from 1,586 to 145 listings, a 90.9% drop. Prugio Summit in Seocho-dong, Seocho-gu, fell from 340 to 43 listings (-87.4%), and Dogok Rexle in Dogok-dong, Gangnam-gu, dropped from 529 to 74 listings (-86.1%). Nearby, Raemian Dogok County decreased from 177 to 32 listings, an 82% reduction. Jugong 5 Complex in Jamsil-dong, Songpa-gu, also saw an 80.9% decrease from 899 to 172 listings.

Other apartments such as Daechi I-Park, Gaepo Jugong 5 Complex, Daechi Samsung 1st Complex, Lotte Castle Classic, Acro River Heim, Indeokwon Village Samsung, Sangdo Emco Town Central Park, Sangdo Raemian 3rd Complex, Jamsil Els, Raemian Gireum Center Peace, Raemian Daechi Palace 1st Complex, and Banpo Hillstate recorded decreases in the 70% range.

The real estate industry believes that this disappearance of listings is not only due to the natural decrease caused by the jeonse shortage but also because false listings were removed following the revision of the Licensed Real Estate Agent Act. The revised act requires that the name and location of the real estate agency in internet advertisements must match those on the registration certificate, and the phone numbers of assistant agents cannot be displayed. If an assistant agent who is not a licensed real estate agent posts real estate advertisements, they face imprisonment of up to one year or a fine of up to 10 million won. The revision was made in response to the rampant false listings on online real estate platforms such as Naver Real Estate, Real Estate 114, Zigbang, and Dabang.

A real estate industry official said, "With the enforcement of the revised Licensed Real Estate Agent Act, managers without licensed real estate agent qualifications can no longer post listings, and since advertisements can only be made for properties that are actually available for move-in, the number of listings appears to have sharply decreased."

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