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In August, the housing transaction nationwide decreased significantly. Apartment sales volume in Seoul decreased 57% in one month. There is also a reason for the increased market uncertainty due to various government real estate regulations, but the main reason is the sharp decline in the “private property” transaction when the new housing lease protection law came into effect in late July.
According to the Ministry of Lands, Infrastructure and Transportation on the 20th, the volume of home sales transactions nationwide in August was 85,272, 39.7% less than in July (14,419). The metropolitan area (43,107 cases) decreased by 43.1% compared to the previous month and, in particular, Seoul (14,459 cases) decreased by 45.8%.
By type of housing, apartment transactions have decreased significantly. In August, the apartment sales volume in Seoul was 6,880, 57% less than in July (16,002). The “deal drought” of apartment buildings in Seoul is getting worse in September. According to the Seoul Real Estate Information Plaza on the 20th, the number of reported apartment sales in Seoul (based on the contract date) this month was just 620.
The experts analyzed that “the revised housing lease protection law has the effect of a significant decline in jeonse home sales as the contract renewal claim system is implemented.” If the tenant exercises the right to request renewal of the lease when buying a house with a tenant, the new owner cannot live and has to wait two more years. The government is trying to avoid gap investment, which means buying a home with a jeonse, but it is actually difficult to buy a home except for gap investors.
◇ Even in a drought transaction, apartment prices are ‘scoring a lot’
Although the trading volume was absolutely reduced, there was no atmosphere of falling house prices. Transactions in Seoul amid the drought, the reported price is often recorded. 59㎡ for ‘Acro Riverheim’ in Heukseok-dong, Dongjak-gu, Seoul, sold for 1.59 billion won (13th floor) on the 15th of last month, and 59 ‘for’ Gwangjang Hillstate ‘in Gwangjin-gu Gwangjang-dong was sold for 1.5 billion won (23rd floor) on the 17th of last month. ) Even in the Gangnam area, there are cases where 20 pyeong apartments exceed 1.5 billion won. A commercial bank real estate manager said: “With the implementation of the new leasing law, the rental price is showing strong strength, mainly in Seoul, and as the rental price increases, the house sales prices they increase together. “
There were no significant changes in the amount of monthly rental and jeonse transactions in August. The number of cases nationwide was 175,355, a decrease of 4.3% compared to the previous July (183,266). Seoul registered 54,498 cases, 4.3% less than in July.
