Seoul apartment transactions reach 3,915 in September
Jeonse and monthly rent transactions fall to 59,790
Seoul apartment transactions fell nearly 15 percent in September from the previous month, according to government data. Ground-breakings, a key supply indicator for Seoul, edged up from the prior month but dropped more than 10 percent from a year earlier.
The Ministry of Land, Infrastructure and Transport's September housing statistics, released Friday, showed 3,915 apartment transactions in Seoul during the month — down 14.7 percent from August's 4,589 and 42.4 percent below the year-earlier figure of 6,796, roughly halving the volume seen a year ago.
The sharp decline is attributed to tightening loan regulations combined with the start of an interest rate hike cycle, which together dampened transaction activity.
Jeonse and monthly rent transactions in Seoul also fell, reaching 59,790 — down 7.1 percent from 64,332 the previous month and 14.6 percent below the 70,024 recorded in the same month a year earlier.
Apartment jeonse and monthly rent transactions in Seoul totaled 19,669, a 1 percent decline from the previous month, while non-apartment transactions fell 9.8 percent over the same period to 40,121. Analysts attributed the drop to a shrinking supply of rental listings and rising rental prices.
Meanwhile, Seoul's supply indicators showed some improvement in September. Housing permits came in at 4,431 units, down 8.5 percent from 4,842 a year earlier. The cumulative figure through September, however, reached 44,371 units — up 33.3 percent from 33,283 in the same period last year.
Ground-breakings in Seoul, another closely watched supply indicator, totaled 1,176 units in September, a 13.5 percent decline from 1,359 a year earlier. The cumulative total through September stood at 21,855 units, up 36.5 percent from 16,013 in the same period last year.
Pre-sale activity also showed improvement, with the cumulative September figure reaching 15,976 units — a 73.7 percent increase from 9,197 in the same period last year, offering some relief on the supply front.
Unsold units nationwide fell to 65,941, down 4.6 percent from 69,134 the previous month. So-called hard-to-sell unsold units — those that remain on the market after construction is completed — declined 1.9 percent to 27,549 from 28,080 the prior month.
hss@heraldcorp.com
