Seoul Row House and Multi-Family Housing Sales Near 5 Trillion Won in Q2...Largest in 5 Years

Transaction Volume of Row Houses and Multi-Family Housing Up 11.7% from Previous Quarter
Lease Transactions Down 13.7% Quarter-on-Quarter
Monthly Rent Continues to Dominate, Accounting for 61.4% of Lease Transactions

In the second quarter of this year, the sales volume of townhouse and multiplex housing in Seoul nearly reached 5 trillion won, marking the highest level in five years.

A view of apartment complexes in Seoul city. Photo by Yonhap News

According to Real Estate Planet, a real estate company specialized in artificial intelligence (AI), the number of townhouse and multiplex housing transactions in the Seoul market in the second quarter of this year was 11,536 cases, with a total transaction value of 4.9346 trillion won. The number of transactions is the highest since the third quarter of 2021 (13,652 cases), and the transaction value is the highest since the second quarter of 2021 (5.1887 trillion won). Compared to the previous quarter, both the transaction volume and value increased by more than 10%, continuing a rising trend for the third consecutive quarter.

Monthly transaction volumes and values were recorded as follows: April had 4,361 cases and 1.7955 trillion won, May had 4,027 cases and 1.7589 trillion won, and June had 3,148 cases and 1.3802 trillion won. After reaching a quarterly high in April, there has been a contraction in transaction volume.

Transaction Volume Increased in 21 out of 25 Districts in Seoul... Transaction Value Increased in 19 Districts

By district, 21 out of Seoul’s 25 districts saw an increase in transaction volume compared to the previous quarter. The largest increases were observed in Nowon-gu (236 cases, 43.9%), Gangbuk-gu (483 cases, 42.5%), Dobong-gu (393 cases, 38.4%), Geumcheon-gu (332 cases, 35.5%), and Guro-gu (368 cases, 32.9%). On the other hand, Dongdaemun-gu (212 cases, -8.2%), Seocho-gu (387 cases, -7.4%), Eunpyeong-gu (782 cases, -6.7%), and Seodaemun-gu (307 cases, -5.5%) experienced a decrease in transaction volume.

The number of districts where transaction value increased compared to the previous quarter was found to be 19, including Nowon-gu (75.4 billion won, 61.1%), Dobong-gu (100.5 billion won, 59.3%), Gangbuk-gu (129 billion won, 56.4%), Geumcheon-gu (100.6 billion won, 44.5%), and Jungnang-gu (200.1 billion won, 43.6%). Declines were observed in six districts: Seodaemun-gu (130.8 billion won, -11.6%), Dongdaemun-gu (91.1 billion won, -8.6%), Eunpyeong-gu (234.4 billion won, -6.8%), Yongsan-gu (256.5 billion won, -5.6%), Yeongdeungpo-gu (110.8 billion won, -3.6%), and Seocho-gu (292.6 billion won, -2.6%).

Townhouse and Multiplex Housing Lease Transactions Decreased by 13.7% Compared to Previous Quarter in Q2

In the second quarter of this year, the number of lease transactions for townhouse and multiplex housing was 33,806 cases, a decrease of 13.7% compared to the previous quarter. Jeonse (long-term lump-sum deposit lease) transactions totaled 13,060 cases, and wolse (monthly rent) transactions reached 20,746 cases, representing a decline of 8% and 16.9% respectively.

Of the Jeonse and wolse transactions for townhouse and multiplex housing in Seoul in the second quarter, wolse accounted for 61.4%.

The districts with the highest number of Jeonse transactions were Songpa-gu (1,280 cases), Yongsan-gu (917 cases), Mapo-gu (827 cases), Gwangjin-gu (820 cases), and Seocho-gu (800 cases). Five districts saw an increase in Jeonse transactions compared to the previous quarter: Yeongdeungpo-gu (8.9%), Eunpyeong-gu (5.6%), Geumcheon-gu (4.1%), Gangdong-gu (2.4%), and Jung-gu (1.3%).

Songpa-gu also recorded the highest number of wolse transactions (3,203 cases), followed by Gangseo-gu (1,541 cases), Gangnam-gu (1,286 cases), Gangdong-gu (1,259 cases), and Gwangjin-gu (1,151 cases). All 25 districts experienced a decline in wolse transaction volume compared to the previous quarter.

This content was produced with the assistance of AI translation services.