Despite Consecutive Government Real Estate Regulations... Record High of Apartment 'Wonjeong Investment' by Seoul Residents
33,000 Apartment Purchases by Seoul Residents in Other Regions in H1... Record High
"Influenced by Price Increase Expectations"... Concentrated in Gyeonggi, Incheon, and Gangwon
[Asia Economy Reporter Ryu Taemin] In the first half of this year, the volume of apartment purchases made by Seoul residents in regions outside Seoul reached the highest level since the Korea Real Estate Board began compiling statistics in 2006.
On the 4th, real estate information company Economy Man Lab analyzed the apartment sales transaction statistics by buyer residence from the Korea Real Estate Board and found that the number of apartments purchased by Seoul residents in other regions during the first half of this year (January to June) totaled 32,420 transactions. This is an increase of 530 transactions (1.7%) compared to 31,890 transactions in the first half of last year, marking the highest figure for the first half of the year since related statistics began in 2006.
The region where Seoul residents purchased the most apartments was Gyeonggi-do, accounting for 19,641 transactions (60.6%). This was followed by Incheon with 3,723 transactions, Gangwon with 1,647, Chungnam with 1,489, Chungbuk with 1,128, and Jeonbuk with 1,057. Jeju recorded 164 transactions, doubling from 82 in the first half of last year, showing the highest growth rate (100%). On the other hand, Daejeon saw a 36.5% decrease, with 337 transactions this year compared to 531 last year.
In the metropolitan area, the most popular region was Goyang City. The number of apartments purchased by Seoul residents in Goyang City was 1,858. This was followed by Namyangju with 1,758, Uijeongbu City with 1,332, Yongin City with 1,260, Bucheon City with 1,224, and Suwon City with 1,215 transactions.
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Hwang Hansol, a research analyst at Economy Man Lab, said, “Despite government real estate regulations and concerns about price bubbles, apartment prices nationwide have not fallen and continue to rise. There is a growing expectation that prices will increase further in regions where apartment prices have risen less compared to Seoul, which is driving the increase in purchases.”
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