2·4 Measures-Impact of the Lunar New Year holidays… Seoul’s house price rise slows

Under 30s buy 45%, all-time high
After the 2·4 real estate supply measures, the rise in apartment prices has slowed. Although the overall transaction volume declines and the price surge has subsided, the proportion of purchases of 2030 generations has reached a record high.

According to Real Estate 114, a real estate information company on the 21st, the third week of this month (as of the 19th), the nationwide apartment sales price rose 0.14% compared to the previous week, and the increase was less than the first week of the month (0.16% increase). Statistics were not compiled for the second week of this month due to the Lunar New Year holidays. During the same period, the increase rate of apartment sales in Seoul also fell by 0.03 percentage point from 0.17% to 0.14%.

It seems that the demand for apartment sales has turned to a wait-and-see tax as the February 4 supply measures and the Lunar New Year holidays overlap. According to the statistics of the Korea Real Estate Agency, the rate of increase in the nationwide apartment sale price in the third week of this month was 0.25%, which was less than the previous week (0.27%).

However, there are many opinions that it is too early to see it as a signal to stabilize the market. Professor Shim Gyo-eon of Konkuk University said, “The house price in the second half of last year (July-December) has risen so much that we are currently breathing.” I predicted. The transfer tax rate for multi-homed people, currently up to 65%, will increase to 75% from June 1st. Last month, the home sales volume announced by the Ministry of Land, Infrastructure and Transport was 9,679, a decrease of 49.62 (35.4%) from last December (14,281). Normally, home sales surged at the end of the year when demand for moving was rushing and then plummeted in January and February. However, 44.7% of apartment buyers in Seoul were in their 30s or younger last month, the highest since the statistics were compiled in 2019. Experts analyzed that young people’s panic buying (panic buying) caused by anxiety about rising house prices has not seldom calmed down. Reporter Kim Ho-kyung [email protected]Go to reporter page>