Published 18 Apr.2022 20:25(KST)
Updated 15 Jan.2025 14:08(KST)
[Asia Economy Reporter Hyungsoo Park] Since the presidential election ended last month, record-high transactions have continued in apartment complexes in the Gangnam area of Seoul.
According to data titled 'Seoul Apartment Transaction Status After the Presidential Election' (March 10?April 12) received by Democratic Party lawmaker Kim Hoe-jae from the Korea Real Estate Board, among 640 sales contracts made in Seoul during the survey period, 204 transactions (31.9%) recorded prices higher than the previous highest price.
Among 59 transactions in Gangnam-gu and Seocho-gu, 29 were priced above the previous highest price. For example, an apartment in Dogok Hyundai Hillstate, Dogok-dong, Gangnam-gu, with an exclusive area of 164.9㎡, was sold on the 30th of last month for 2.25 billion KRW, which is 360 million KRW higher than the previous highest price of 1.89 billion KRW. The Herenn House 2 in Samseong-dong, Gangnam-gu, with an exclusive area of 217.86㎡, was sold on the 11th of last month for 5 billion KRW, 1.6 billion KRW higher than the previous highest price of 3.4 billion KRW.
According to the Ministry of Land, Infrastructure and Transport's Real Transaction Price Disclosure System, the previous highest price for Dogok Hyundai Hillstate was recorded in June 2020, making this transaction after 1 year and 10 months. The previous highest price transaction for Herenn House 2 was also recorded in May of last year.
Lawmaker Kim said, "I wonder if the Presidential Transition Committee is complacently viewing the possibility of instability in the real estate market," adding, "Before easing reconstruction regulations, measures to calm the instability in the real estate market must be prepared."
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