Gangnam-gu 2 Billion Won Range Sales Transaction Ratio Increased 5 Times in 4 Years

608 Cases Out of 2,207 This Year

[Asia Economy Reporter Choi Dong-hyun] The proportion of apartment sales transactions worth over 2 billion KRW in Gangnam-gu, Seoul, has increased more than fivefold in the past four years.

According to the 'Distribution of Actual Housing Transaction Amounts by Price Range' submitted by the Korea Real Estate Board to Park Sang-hyuk, a member of the National Assembly Land, Infrastructure and Transport Committee from the Democratic Party of Korea, among 2,207 housing transactions in Gangnam-gu from the beginning of this year to March 3, 608 transactions, or 27.5%, were apartments priced between 2 billion KRW and less than 3 billion KRW. This means that more than one in four apartments traded in Gangnam-gu are in the 2 billion KRW price range. This is a significant increase compared to 2016, when only 5% (335 out of 6,758 transactions) were in the 2 billion KRW range.

In 2016, the price range with the highest transaction proportion in Gangnam-gu was between 500 million KRW and less than 1 billion KRW (46.5%). However, this year, the proportion in this price range dropped to 12.3%. On the other hand, the proportion of transactions in the 2 billion KRW range, which was 5% in 2016, sharply increased to ▲8.4% in 2017 ▲18.1% in 2018 ▲28.2% in 2019. The proportion of ultra-high-priced apartment transactions exceeding 3 billion KRW also expanded from 1% in 2016 to 8.4% this year. Similarly, in Seocho-gu, also part of the Gangnam area, the proportion of housing transactions priced between 1.5 billion KRW and less than 2 billion KRW increased nearly threefold from 8.9% in 2016 to 26% this year.

For all of Seoul, among a total of 56,788 transactions this year, nearly half?27,762 transactions?were priced between 500 million KRW and less than 1 billion KRW. The breakdown was ▲under 500 million KRW 29.4% ▲1 billion to less than 1.5 billion KRW 13.7% ▲1.5 billion to less than 2 billion KRW 4.7% ▲2 billion to less than 3 billion KRW 2.6% ▲over 3 billion KRW 0.7%.

For the entire Seoul metropolitan area, transactions under 500 million KRW accounted for 265,684 out of 328,192 transactions in 2016, representing 80.9%, but this proportion dropped by more than 10 percentage points to 69% this year. Meanwhile, during the same period, transactions priced between 500 million KRW and less than 1 billion KRW increased from 16.3% to 25%, and those between 1 billion KRW and less than 1.5 billion KRW rose from 2% to 4%.

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