1.83 Billion to 1.28 Billion Drop... New Apartments Nationwide Hit Record Low Prices

[Asia Economy Reporter Kwak Min-jae] Amid ongoing declines in housing prices due to perceptions of peak prices and a high interest rate environment, newly recorded low-price apartments are emerging one after another. Since last month, even newly built apartments have been traded at prices several hundred million won lower.

On the 21st, real estate platform Zigbang analyzed the actual transaction prices of apartments nationwide from the Ministry of Land, Infrastructure and Transport and found that the place with the largest price drop from 2006 to the 17th of this month was Marine City Xi in U-dong, Haeundae-gu, Busan.

[Image source=Yonhap News]

The 85㎡ exclusive area unit in this complex, completed in 2019, was directly traded for 1.28 billion won on the 24th of last month. This is 550 million won (-30.1%) lower than the previous low price of 1.83 billion won recorded on August 28 last year.

The 84㎡ exclusive area unit in 'Godeok Xi' in Sangil-dong, Gangdong-gu, Seoul, completed last year, was brokered at 1.205 billion won last month, down 440 million won (-26.7%) from 1.645 billion won in June last year, ranking second in terms of the amount of new low price decline.

The third largest decline was the 85㎡ exclusive area unit in 'Lotte Castle Star' in Jung-dong, Haeundae-gu, Busan. It was traded for 1.03 billion won last month, 440 million won lower than the previous low price of 1.47 billion won.

On the other hand, there were also places where prices rose the most during the same period. 'Lotte Castle Empire' in Yeouido-dong, Yeongdeungpo-gu, Seoul, was traded for 2.9 billion won last month on the 28th, 1.2 billion won higher than the previous highest price of 1.7 billion won (2020). This apartment, with an exclusive area of 182㎡, was completed in 2005.

The 180㎡ unit in 'Ichon-dong Samsung River Suite' in Ichon-dong, Yongsan-gu, Seoul, rose 970 million won from 2.78 billion won in December 2020 to 3.75 billion won last month, ranking second.

The third place was the 161㎡ unit in 'Kyungdong Merville Gold' in Jung-dong, Haeundae-gu, Busan. It was traded for 1.32 billion won last month, 740 million won higher than the previous reported high of 580 million won (2017).

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