This year, the number of transactions for ultra-high-priced apartments worth more than 5 billion won in Seoul has increased by 1.6 times compared to the annual transaction volume last year. In particular, due to expectations of reconstruction, Apgujeong-dong in Gangnam-gu has risen to the top area for ultra-high-priced apartment transactions, surpassing Banpo-dong in Seocho-gu, which is densely populated with newly built luxury complexes.
According to the Ministry of Land, Infrastructure and Transport’s real transaction price disclosure system on the 18th, 242 apartment sales in Seoul worth more than 5 billion won were reported as of that day. Considering that the reporting period is 1 month after the contract, this is about 8 months of aggregate data, but it is 60.3% more than the annual transaction volume of 151 cases last year. It is analyzed that this is because of the increase in purchasing power in expensive housing areas in Seoul due to concerns about a shortage of housing supply, expectations of interest rate cuts, and the preference for a “smart one.”
In particular, Apgujeong-dong transactions have increased noticeably. Of the 242 transactions of ultra-high-priced apartments in Seoul this year, 89 (37%) were in redevelopment complexes in Apgujeong-dong. It has far surpassed Banpo-dong in Seocho-gu (66 transactions), which ranked first in ultra-high-priced transactions in Seoul last year. The number of ultra-high-priced transactions in Apgujeong-dong was only 8 two years ago, but it has increased rapidly for two consecutive years, reaching 43 last year and 89 this year.
The reason for the increase in Apgujeong-dong transactions is that transfer of cooperative membership status has become possible in redevelopment complexes in the area since this year. In speculative overheated areas like Apgujeong-dong, buyers cannot obtain cooperative membership status after the cooperative is established. However, if a single-home owner has met the qualifications of ‘holding for more than 10 years and living for more than 5 years’ after the cooperative is established, the cooperative membership status can be transferred. The same applies to those who have not applied for the next step, business execution approval, within 3 years after the cooperative is established. Apgujeong 4 and 5 districts passed 3 years since the cooperative was established in February of this year, and 2 and 3 districts passed 3 years in April. Since these districts have not yet applied for business execution approval, buyers can transfer their cooperative membership status.
As the reconstruction project progresses, expectations are rising, which is also cited as a reason for the increase in transactions. The construction companies for zones 2, 4, and 5 are expected to be selected as early as next year. Zone 3 is also set to wrap up the noise surrounding the design plan and is awaiting consultation from the Seoul Metropolitan Government. Professor Koh Jun-seok of Yonsei University’s Sangnam School of Management analyzed, “As the prices of nearby new complexes have risen and expectations for the Apgujeong reconstruction are growing, high net worth individuals are stepping in to buy.”
Reporter Kim Ho-kyung [email protected]
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2024-09-18 17:26:25