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Volume of housing transactions in August from the Ministry of Land, Infrastructure and Transport
85,000 sales, 39.7% less than the previous year
Impact of government supply measures, leasing laws, etc.
Cheonsei’s transaction volume doesn’t change much
A real estate agency in downtown Seoul. By Baek So-ah, Staff Reporter [email protected]
Last month, home sales volume was found to be down nearly 40% compared to July. It is analyzed that the buying trend, which has been overheating for some time, has slowed down due to the successive government real estate measures. According to statistics from the Ministry of Lands, Infrastructure and Transportation on the 20th, it was found that the volume of home sales transactions nationwide in August was 85,272, 39.7% less than the previous 14,419. The metropolitan area (43,107 cases) decreased by 43.1% compared to the previous year, and among them, Seoul (14,459 cases) decreased by 45.8%. Fat (42,165 cases) also decreased 35.8% compared to the previous year. The decline in home sales in August is interpreted as the effect that the movement of the so-called “ panic buying ” (panic buying) has decreased due to the government’s real estate countermeasures, such as the “ expansion plan August 4 Housing Supply, ” and the commercial market has become a wait-and-see tax. Furthermore, it appears that there is also an effect of a decrease in jeonse home sales due to the implementation of the housing lease renewal application system, which came into effect on July 31. This is because if the tenant exercises the right to request renewal of the lease, the lease term is extended by two more years, reducing the amount of housing available to buyers who want to move out immediately. Unlike trading, cheonsei’s transaction volume did not change significantly. The monthly volume of rental transactions based on the data from the August confirmation date was 17,355, 4.3% less than the previous month (183,266). The metropolitan area (11,8801 cases) decreased 5.4% with respect to the previous year and the local area (56,554 cases) decreased 1.9%. The share of monthly rent among the volume of monthly rental transactions was 40.4%, the same as last year (40.4%). On the other hand, if you look at the statistics from the Seoul Real Estate Information Plaza that day, the number of Seoul apartment sales reported (based on the contract date) this month is only 621. Although there is a reporting deadline until 30 days from the contract date, if this trend is the case, the number of apartment sales this month is more likely to decline than in April (3022 cases), which was the lowest this year. By Choi Jong-hoon, Staff Reporter [email protected]
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