In March, the apartment transaction volume in Seoul surpassed 9,000, while the transaction volume in Gyeonggi Province also exceeded 10,000 for the first time in seven months.
According to an analysis of real transaction data by Zigbang on the 7th, the apartment transaction volume in the Gyeonggi area for March totaled 13,348. This figure represents a 37% increase from the previous month (9,723) and has shown an upward trend for three consecutive months since December of last year.
By price range, the proportion of transactions for apartments over 900 million won increased, setting a record high. In March, the transaction volume for apartments over 900 million won in Gyeonggi Province was 1,816, accounting for 13.6% of all transactions. This is the highest proportion based on monthly transaction volume since the disclosure of real transaction prices in 2006.
The transaction volume for apartments over 900 million won in Gyeonggi Province was only 580 in January, but increased to 1,111 (11.4% of the total) in February, and rose to 1,816 in March. When looking at specific ranges, 1,401 transactions (10.5%) were in the range from over 900 million won to 1.5 billion won, and 415 transactions (3.1%) were in the range over 1.5 billion won, with respective increases of 71% and 43% compared to the previous month.
A representative from Zigbang noted, "The period of February to March saw a rise in transactions due to expectations of interest rate cuts and some movement in waiting demand, along with concerns about supply shortages and expectations for policy changes influencing sentiment." They added, "In Seoul, the relaxation of land transaction permission zones led to increased transactions in major areas, and in the southern Gyeonggi region, purchasing power spread around complexes with relatively lower price burdens." They also mentioned, "In particular, transactions concentrated around high-priced complexes near subway stations with excellent accessibility to Seoul, leading the overall increase in transactions."
Regions in Gyeonggi Province with high transaction volumes in March included Hwaseong (1,019 transactions), Yongin Suji District (772), Seongnam Bundang District (686), Namyangju (630), and Pyeongtaek (598). These are areas with easy access to Gangnam and solid infrastructure, such as transportation and school districts, attracting consistent demand from both actual users and investors.
In Hwaseong, most transactions were concentrated around the Dongtan 2 New Town. The opening of the GTX-A line from Suwon to Dongtan last year greatly improved accessibility to Seoul, and expectations for expanded metropolitan transportation networks further influenced the market. Transactions were concentrated around complexes near Dongtan Station, such as Hillstate Dongtan and Dongtan Station Forelness.
In Yongin Suji District, transactions were concentrated around complexes near the Shinbundang Line. The most transactions were recorded for Hyundai Seongwoo 8th Complex with 24, followed by e-Pyeonhansaeng Suji with 23, Jinsan Village Samsung 5th Complex with 18, and Seongbok Station Lotte Castle Gold Town with 17. In Seongnam's Bundang District, expectations for redevelopment in the Jeongja-dong area were reflected, leading to the highest transaction volume for Sangnok Village Woosung with 21.
Meanwhile, the transaction volume in the Gyeonggi area for April was recorded at 5,848 (as of the 29th of last month). Although there is about a month left for reporting, it seems unlikely to surpass 10,000.
A representative from Zigbang explained, "Due to the reassignment of land transaction permission zones, the increase in Seoul's apartment transaction volume has been halted, and with significant events such as the early presidential election in June and the implementation of the stress debt service ratio in July, the wait-and-see approach among buyers is likely to continue for the time being." They added, "However, the current wait-and-see sentiment is closer to a flow of demand that is waiting rather than having evaporated, indicating the possibility of a gradual recovery in purchasing power depending on external environmental changes, such as expectations for interest rate cuts."