[2026 Parliamentary Audit] 140,000 Apartment Sale Contracts Canceled Nationwide in Just Over 5 Years... Seoul Cancellation Rate Jumps 2.2-Fold

Hwang Hee: "Market-distorting acts such as 'price pumping' must be strictly punished"

Over the past five years, more than 140,000 apartment sale contracts nationwide have been canceled, with cancellation rates rising in some areas, including Seoul. Some say that oversight of canceled transactions and investigations into actual market conditions are needed to prevent disruptions to the real estate market, such as false transaction reports intended to drive up home prices.

A view of apartments across Gangnam from the Sky Observatory at Lotte World Tower in Songpa-gu, Seoul. Photo by Yoon Dongju, doso7@

According to data titled “Apartment Real Transaction Reports and Cancellations Nationwide Over the Past Five Years,” submitted by the Ministry of Land, Infrastructure and Transport to Assemblyman Hwang Hee of the Democratic Party of Korea, 140,202 of the 2,659,444 apartment transactions nationwide from 2021 through August this year were canceled. The cumulative cancellation rate was 5.27%.

The annual cancellation rates were 4.72% (28,445 transactions) in 2021, 5.24% (14,293 transactions) in 2022, 4.62% (18,383 transactions) in 2023, 5.73% (26,966 transactions) in 2024, and 6.71% (36,426 transactions) in 2025. As of August this year, the cancellation rate stood at 4.21% (15,689 transactions).

Among regions, Sejong had the highest cumulative cancellation rate at 6.45%, followed by Jeju at 6.38% and Busan at 6.16%.

The rising cancellation rate in Seoul also stood out. The rate for apartment transactions in Seoul more than doubled, from 3.41% (1,479 transactions) in 2021 to 7.66% (6,419 transactions) in 2025.

In Seoul, Guro-gu had the highest cancellation rate among districts last year, at 10.33%. Seongdong-gu (10.32%) and Jung-gu (10.12%) also exceeded 10%. Rates of 8% to 9% were recorded in Yongsan-gu (9.39%), Gangnam-gu (9.31%), Gangdong-gu (9.03%), Seodaemun-gu (8.85%), and Yangcheon-gu (8.11%), among others.

Under the current system, real estate sale contracts must be reported within 30 days of signing. However, allegations of so-called “price pumping” have continued to emerge, in which a transaction is reported at a high price to drive up market prices before the contract is canceled. Not all canceled transactions can be considered market disruptions, as some result from contract termination or changes to terms. Still, some say that transactions reported at record-high prices and repeated contract cancellations should be systematically monitored.

“Artificially manipulating market prices by pumping up reported transaction prices creates a misleading impression for actual homebuyers without homes, disrupting the entire market and passing the resulting losses on to them. This is a serious illegal act,” Assemblyman Hwang said. “The Ministry of Land, Infrastructure and Transport and local governments should conduct a full investigation of canceled apartment transactions and assess the situation on the ground. If intentional price manipulation is confirmed, they should take strict action in accordance with relevant laws to ensure market transparency.”

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