Since the 24th, the Seoul Land Transaction Permit System (TOheje) has been expanded to three Gangnam districts (Seocho, Gangnam, Songpa-gu) and Yongsan-gu, and the rate of increase in apartment prices in the region has also sharply declined. In particular, Songpa-gu, where apartment prices rose the most when the Tohe system was lifted, was the only district in Seoul to record a decline this week.
According to the fourth week of March (as of the 24th) announced by the Korea Real Estate Agency on the 27th, the growth rate of housing prices in Seoul was 0.11% (compared to the previous week), less than half of last week's 0.25%. The 0.11% increase rate is the same as the figure as of February 24, which was first compiled after the lifting of the Tohe system in the middle of last month. In other words, the rate of increase in housing prices in Seoul immediately returned to before the lifting of the Tohe system. The rate of increase in apartment prices nationwide also turned negative (-0.01%) again for the first time in three weeks since the 3rd of this month.
The increase in housing prices in Gangnam 3 districts and Yongsan district also halved this week. The rate of increase in Seocho-gu fell sharply from 0.69% last week to 0.28% this week, from 0.83% to 0.36% in Gangnam-gu, and from 0.34% to 0.18% in Yongsan-gu. Songpa-gu, in particular, turned to a 0.03% drop in a week from a 0.79% increase last week. It turned downward for the first time in a year and a month since the second week of February last year.
In fact, the area of 59㎡ dedicated to Parkrio in Sincheon-dong, Songpa-gu, was directly traded at 1.85 billion won on the 19th, plunging 300 million won in less than 20 days from 2.15 billion won on the 1st of this month.
However, the aftermath of the designation of the expansion of the Tohe system is short-term, and it is widely expected that the increase in housing prices in the three Gangnam districts will increase again in the future. Professor Koh said, "After the sudden sale is digested, the number of sales will decrease significantly, and the price is likely to rise again," and predicted, "In the case of Apgujeong and Banpo, cash-rich people will enter the country from the beginning, so they will not be significantly affected by the earth permit system."
Although the increase in housing prices in Gangnam 3 districts has been dampened, there are not many balloon effects yet, which have led to a significant increase in prices in other regions. Housing price growth in Seongdong-gu (0.37% last week → 0.35% this week), Mapo-gu (0.29% → 0.21%), Yangcheon-gu (0.32% → 0.29%), and Dongjak-gu (0.2% → 0.17%) fell slightly. The growth rate of Gwacheon house prices in Gyeonggi-do, which had risen a lot for a while, also fell from 0.68% to 0.55%.
However, apartments with some reported prices also appeared in Dongjak-gu and Seongdong-gu, near the Toheje area. The 83㎡ dedicated to the Han River Hyundai apartment in Heukseok-dong, Dongjak-gu, was traded at 1.93 billion won on the 25th, up 150 million won from the previous report price. Analysts say that the balloon effect of housing prices in Mapo-gu, Seongdong-gu, and Dongjak-gu will be known only by watching the market trend next week.
Only four autonomous districts, Jongno-gu (0.06% → 0.07%), Jung-gu (0.02% → 0.04%), Gangseo-gu (0.02% → 0.04%), and Guro-gu (0% → 0.01%).
The Seoul Metropolitan Government decided not to repeat the confusion by reversing the plan 35 days after lifting the international exchange complex from the land transaction permit zone last month. The real estate agency under the Seoul Metropolitan Government will be transformed into an organization that analyzes real estate policies and market trends. We plan to add market experts who can comprehensively analyze and predict the real estate market, including macroeconomic variables such as taxation and financial markets, to the organization dedicated to expanding and reorganizing, said Shin Sun-jong, a spokesman for Seoul Metropolitan Government.
[Reporter Seo Jinwoo / Reporter Park Jaeyoung / Reporter Kim Yoo Shin]
