Average sales price declined for 2 consecutive quarters
Last year, 7 out of 10 apartment transactions nationwide were mid- to low-priced transactions of less than 300 million won. It seems that there were many apartment transactions with relatively less financial burden as the burden of loan interest increased.
According to the result of analyzing the actual transaction price system of the Ministry of Land, Infrastructure and Transport by the real estate information platform Jikbang on the 16th, there were 175,124 transactions under 300 million won in 2022, representing 68.2% of the total (256,958). This is an increase of 6.8 percentage points from the previous year.
In the fourth quarter of last year (October-December), the proportion of apartment transactions under 300 million won in Seoul was 21.3%, up 7.5 percentage points from the same period last year (13.8%). The proportion of transactions exceeding 300 million won to less than 600 million won was 25.8%, up 9.4 percentage points from the same period last year. From the end of 2021, the standard for high-priced housing has changed from 900 million won to 1.2 billion won, such as the rise from 900 million won to 1.2 billion won. However, actual apartment transactions are mainly made at mid-low prices.
As the share of mid-to-low-price transactions increases, the average transaction price also decreases. In the fourth quarter of last year, the average transaction price, which is the sum of apartment transactions in Seoul divided by the number of transactions, was 1,057.45 million won, showing a downward trend for two consecutive quarters after 1.275 billion won in the second quarter of last year (April to June).
“Demand for apartments has contracted due to interest rate hikes and economic stagnation,” said Jikbang.
Reporter Lee Buk-bok [email protected]
