7 Office Building Transactions in Seoul in September... Sales Amount Down 20% Compared to Previous Month

Ministry of Land's September Seoul Report: Analysis of Actual Transaction Prices for Commercial Buildings
Seoul Commercial Buildings Traded at 680.2 Billion KRW... 10% Decrease from Previous Month

The sales amount of office buildings in Seoul in September decreased by nearly 20% compared to the previous month. Transactions of commercial buildings such as shopping centers, lodging, and retail facilities also dropped by 10%.

Number of transactions and transaction amounts for office and commercial facilities in Seoul in September. (Provided by RSquare)

On the 2nd, RSquare, a comprehensive commercial real estate service company, analyzed the actual transaction prices of office and commercial buildings in Seoul in September from the Ministry of Land, Infrastructure and Transport. The number of office building transactions was 7, the same as the previous month. The transaction amount was 253.7 billion KRW, down 18.4%.

The transaction amount for office buildings recorded over 300 billion KRW in July and August but fell to the 200 billion KRW range in September. This is interpreted as due to the absence of large-scale transactions exceeding 100 billion KRW. The largest office building transaction in September was an office facility in Yeoksam-dong, Gangnam-gu, sold for 95 billion KRW. It was followed by office facilities in Namchang-dong, Jung-gu (85.4 billion KRW), and Yeouido-dong, Yeongdeungpo-gu (35.5 billion KRW).

The Seoul commercial building sales market was also sluggish. The number of transactions in September was 111, down 24.5% from the previous month. The transaction amount was 680.2 billion KRW, a 10.0% decrease. The transaction amount for commercial buildings had decreased to the 200 billion KRW range in January but recovered to the trillion KRW level in April. However, it has since fluctuated and has not returned to previous levels.

The commercial building with the largest transaction amount in September was a neighborhood living facility in Seocho-dong, Seocho-gu, sold for 50.5 billion KRW. It was followed by neighborhood living facilities in Nonhyeon-dong (31.5 billion KRW), Chungmuro 2-ga (29 billion KRW), and Sanggye-dong (28.2 billion KRW).

The market atmosphere for office buildings and commercial buildings in the third quarter was contrasting. Office building transactions in the third quarter totaled 922.4 billion KRW, an increase of 98.5% compared to the previous quarter. On the other hand, commercial building transaction amounts were 2.1709 trillion KRW, a decrease of 16.6% compared to the previous quarter.

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