Last year, as the transaction of APT.s and officetels increased in Seoul, it was revealed that the national real estate transaction volume and transaction amount indicators rebounded for the first time in four years.
The commercial real estate proptech corporation Real Estate Planet released the '2024 Annual Nationwide Real Estate Transaction Characteristics Report by Type' on the 13th, based on the Ministry of Land, Infrastructure and Transport's real transaction data.
According to the report, after a decline since 2020, the national real estate transaction volume and transaction amount successfully rebounded last year. The national real estate transaction volume in 2024 was 1,035,195, a 3.0% increase from the previous year (1,004,753), and the transaction amount rose from 304 trillion won to 364.7 trillion won, an increase of 19.8%.
By type, it was confirmed that the transaction volume increased for four out of the nine real estate types. The transaction volume for officetels rose by 20.7%, while APT.s increased by 14.2%, demonstrating significant growth. Commercial and office buildings increased by 6.6% and multi-family dwellings by 4.5%.
In terms of transaction amount, there was an uptrend in five types. The commercial and office buildings recorded the largest increase at 44.4%, followed by APT.s (31.3%), officetels (27.5%), multi-family dwellings (11.0%), and land (0.2%).
Last year, the national transaction volume for APT.s was 430,182, an increase of 14.2% compared to 2023 (376,740), and the transaction amount rose to 197.4 trillion won, a 31.3% increase from the previous year (150.3 trillion won).
In particular, last July, the transaction volume reached 48,692, breaking the highest record since August 2021, and the same month's transaction amount recorded the highest since December 2020 at 27.3 trillion won. However, in the fourth quarter of last year, both monthly transaction volume and transaction amount showed a declining trend for three consecutive months.
Regionally, all 16 provinces except Sejong witnessed increases in both transaction volume and transaction amount compared to the previous year. The most significant increase was in Seoul, where the annual transaction volume grew from 33,659 to 52,559, a 56.2% rise, and the transaction amount increased from 35.7 trillion won to 62.7 trillion won, a 75.7% surge.
Meanwhile, the total number of transactions for commercial spaces and offices nationwide was 39,734, a decline of 3.8% compared to 41,302 the previous year. The transaction amount also fell by 5.1%, from 16.3 trillion won to 15.2 trillion won during the same period.
Compared to the previous year, the only regions that saw an increase in transaction volume were Busan (31.8%), Incheon (28.2%), and Seoul (12.2%). Seoul was the only area among the 17 provinces to witness an increase in transaction amount. Last year, the transaction volume for commercial spaces and offices in Seoul was recorded at 7,912, a 12.2% increase from the previous year (7,051), and the transaction amount rose from 6.1 trillion won to 6.5 trillion won, an increase of 6.3%.
Among the nine real estate types, officetels recorded the largest increase in transaction volume. A total of 33,011 officetel transactions took place nationwide in 2024, a 20.7% increase from the previous year (27,356). The transaction amount was recorded at 69.3 trillion won, which reflects a 27.5% increase from 2023 (54.4 trillion won).
Among the 17 provinces nationwide, 11 regions saw an increase in transaction volume. In Jeonbuk, 566 transactions were conducted, representing a 190.3% increase from the previous year (195). Following this were Gyeongnam (55.5%), Gyeongbuk (39.1%), Gyeonggi (38.7%), Daegu (33.8%), and Jeju (33.2%).
The transaction amount increased in a total of 10 provinces last year, with Jeonbuk seeing a remarkable rise in transaction amount to 9.57 billion won, a jump of 228.9% compared to the previous year (2.91 billion won).
Jung Soo-min, the CEO of Real Estate Planet, noted, "Last year, the national real estate market showed signs of recovery as the transaction volume and transaction amount, which had been in a downward trend for three consecutive years, all turned to increase. The heated APT. market last July, and the recent spotlight on the officetel market as revenue-generating real estate, appear to have driven the simultaneous increase in transaction volume and transaction amount."