February Nationwide Apartment Transactions Plummet... 36.1% Decrease Compared to Last Year's Monthly Average

[Asia Economy Reporter Hwang Seoyul] Nationwide apartment transaction volume sharply declined in February this year. It is analyzed that apartment transactions were hardly made as the wait-and-see sentiment continued due to expectations of changes in real estate policies after the presidential election.

According to an analysis of apartment transaction status in Korea by real estate information provider Economy Man Lab, the nationwide apartment transaction volume in February this year was 62,688 cases. This is a 36.1% decrease compared to last year's monthly average apartment transaction volume of 98,039 cases.

The region with the largest decrease in apartment transaction volume was Daegu. In February this year, Daegu's apartment transaction volume was 1,915 cases, down 60.2% compared to last year's monthly average of 4,807 cases.

Meanwhile, some regions saw an increase in transaction volume. In February, Jeonbuk's apartment transaction volume was 5,237 cases, a 48.2% increase compared to the monthly average of 3,535 cases. Jeonnam also rose by 26.2% to 3,631 cases in February compared to last year's monthly average. In addition, Sejong and Gyeongbuk increased by 5.9% and 4.0%, respectively. Economy Man Lab analyzed that the reason for the increase in apartment transaction volume in these regions was due to an increase in ownership transfer transactions caused by the rise in move-in volumes of newly supplied apartments that had been previously sold.

Oh Daeyeol, head of the research team at Economy Man Lab, said, “Apartment transaction volumes appear to be generally decreasing as the wait-and-see sentiment deepens due to changes in real estate policies after the presidential election,” adding, “As the next government is easing regulations to promote housing supply, the future sales market is expected to become more active.”

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