"Not a Single Sales Contract Since October"... Transactions Halted in No, Do, Gang

Real Estate Agencies in Nowon and Dobong Districts Show Quiet Scenes
Only 10 Apartment Sales in Dobong District Last Month
As Sales Transactions Plummet, Asking Prices Remain Similar

[Asia Economy Reporter Hwang Seoyul]

On the afternoon of the 3rd, apartment real estate agencies in the Nowon and Dobong districts appeared quiet due to a decrease in sales transactions. Jugong 7 Complex Apartments in Sanggye-dong, Nowon-gu / Photo by Hwang Seoyul

"Every year, January and February are peak transaction seasons, but there isn't a single customer." (Representative of A Real Estate Agency in Sanggye-dong, Nowon-gu, Seoul)

"Apartment transactions have decreased, but many homeowners say they will wait until after the presidential election, so asking prices remain unchanged." (Official from B Real Estate Agency in Ssangmun-dong, Dobong-gu, Seoul)

Recently, due to tightened loan regulations making it difficult for buyers to secure funding, apartment sales transactions in the 'No-Do-Gang (Nowon, Dobong, Gangbuk districts)' area have frozen. With the presidential election next month, the market is in a wait-and-see mode, leading to an accumulation of listings. However, contrary to the government's announcement that Seoul housing prices have stopped rising, on-site asking prices remain firm.

On the 3rd, the real estate agencies around Nowon and Dobong districts in Seoul that the reporter visited appeared quiet with no customers inquiring about purchases. The representative of C Real Estate Agency in Ssangmun-dong, Dobong-gu, lamented, "Last month, for every five seller inquiries, there was only about one buyer inquiry, and even those were just price checks without leading to transactions."

Real estate agents unanimously agreed that with the strengthening of loan regulations, buyers are finding it difficult to secure funds, causing a sharp decline in sales transactions. A representative from D Real Estate Agency in Sanggye-dong, Nowon-gu, said, "Since buyers can't get loans, contracts requiring large funds are not being made." The representative of E Real Estate Agency in Dobong-gu also said, "Because buyers can't get loans, most of the listings currently available are for jeonse (long-term deposit lease) or monthly rent."

According to the Seoul Real Estate Information Plaza's real estate transaction statistics, last month there were only 36 and 10 apartment sales transactions in Nowon-gu and Dobong-gu, respectively. Compared to 587 and 268 transactions in the same month last year, this is a very low level.

Although there is an analysis that Seoul apartment prices are generally declining, real estate agents emphasized that the on-site atmosphere is different. A real estate agent from D Real Estate Agency in Ssangmun-dong, Dobong-gu, explained, "Since July to August last year, sales transactions have not been going well, but asking prices have not dropped," adding, "There is a strong mood to wait and see until the presidential election."

There were also voices opposing the government's repeated announcements that Seoul housing price increases have stopped. The representative of E Real Estate Agency in Sanggye-dong, Nowon-gu, said, "The news that apartment prices have fallen is disconnected from reality," and lamented, "The government is causing confusion in the real estate market, making life even harder for ordinary people, even though sales prices have not noticeably declined."

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