Sales of Seoul apartments priced below 600 million won ($420,000) — the threshold for eligibility under government-backed mortgage programs — have increased, with transactions concentrating in the city's Nowon and Dobong districts.
Seoul's Lower-Priced Apartment Sales Concentrate in Nowon and Dobong
Apartments priced under 600 million won accounted for 21.9% of all Seoul apartment transactions in the first three quarters of this year, according to an analysis released on the 20th by Dabang, a real estate information platform, based on actual transaction data from the Ministry of Land, Infrastructure and Transport. The figure was 5.0 percentage points higher than the 16.9% recorded in the same period a year earlier.
Among the city's districts, Nowon had the largest share at 24.3%. That means roughly one in four Seoul apartment sales below 600 million won took place in Nowon. Dobong followed at 12.3%, with Guro at 9.3%.
The combined share of Nowon and Dobong rose 6.6 percentage points to 36.6% this year from 30.0% a year earlier. More than a third of Seoul apartment transactions below 600 million won were concentrated in the two districts.
In Gyeonggi, Yongin and Hwaseong Gain Share of Sales Above 600 Million Won
While sales of relatively inexpensive apartments increased in Seoul, Gyeonggi Province showed the opposite trend, with higher-priced transactions expanding.
Apartments priced under 600 million won accounted for 60.0% of Gyeonggi Province transactions this year, down 1.3 percentage points from 61.3% in the same period last year. Apartments priced at 600 million won or more made up 40.0% of transactions in the province in the first three quarters, up 1.3 percentage points from a year earlier.
By quarter, the share stood at 38.8% in the first quarter, up 3.7 percentage points from a year earlier, and 43.8% in the second quarter, exceeding the prior year's 40.5% by 3.3 percentage points. The third quarter, however, slipped to 36.3%, down 3.3 percentage points from 39.6% a year earlier and breaking from the pattern of the previous two quarters.
Yongin ranked first among the province's 31 cities and counties with a 15.2% share of transactions. Yongin, which ranked second last year, moved into the lead this year. Hwaseong followed at 13.1%, up 5.1 percentage points from 8.0% a year earlier, overtaking Seongnam, which had ranked first.
Seongnam fell to fourth this year, while Suwon held third place for a second year. Namyangju's share of transactions rose to 6.1% from 3.8%, and Guri's expanded to 4.1% from 2.0%. Hwaseong, Namyangju and Guri are becoming more prominent in Gyeonggi Province transactions of apartments priced at 600 million won or more.
"In the first three quarters of this year, the share of transactions involving apartments priced under 600 million won rose in Seoul, while in Gyeonggi Province the share of apartments priced at 600 million won or more increased, showing divergent trends," a Dabang official said.