It has been reported that since the designation of the land transaction permit zone in Gangnam 3 District (Gangnam, Seocho, and Songpa) and Yongsan, 4 out of 10 apartments transacted set new price records. Although the volume of transactions decreased after the permit zone designation, the upward trend in actual transaction prices did not wane.
According to the Ministry of Land, Infrastructure and Transport's actual transaction disclosure system on the 7th, there were a total of 158 apartment transactions in Gangnam 3 District and Yongsan from March 24, when the permit zone was expanded, to the 2nd of this month, a period of 40 days. Songpa recorded the highest number of transactions at 73, followed by Gangnam with 61 transactions. Seocho and Yongsan each had 12 transactions. This figure represents a decrease of 95.9% compared to the 3,846 transactions in the 40 days prior to the expansion of the permit zone.
Although the transaction volume decreased, the influx of new price records continued. Among the total transactions, 60 cases (37.5%) were new price records. Half of the new price record transactions (30 cases) came from Gangnam. In the Apgujeong reconstruction complex, 14 out of 22 total transactions (63.6%) were new price records.
In particular, new price records were concentrated in reconstruction complexes. An apartment with a dedicated area of 198 square meters in Apgujeong Hyundai 2nd set a new price record by transacting for 10.5 billion won on the 23rd of last month. An apartment with a dedicated area of 82 square meters in Songpa's Jamsil Jugong 5 complex was sold for 4.075 billion won, breaking the 4 billion won mark for the first time.