Seoul metro high‑price apartment sales dip below 10% in May

Data from real‑estate platform Zigbang shows that the share of high‑price ("신고가") apartment transactions in the Seoul metropolitan area fell to 9.7% in May 2024, the lowest level recorded this year. The proportion dropped from a peak of 31.3% in February, then to 25.1% in March and 21.3% in April. The number of high‑price deals in May was 864, well below the recent three‑month monthly average of about 6,563, and total apartment transactions also declined.

The decline was most pronounced in luxury districts such as Gangnam, Seocho and Yongsan, where the high‑price share fell sharply. By contrast, middle‑price neighbourhoods like Yeongdeungpo, Dongjak and Dongdaemun saw their high‑price share rise by roughly 20 percentage points year‑on‑year. In Gyeonggi Province, areas linked to the semiconductor belt and good Seoul access—Guri, Suji, Dongtan and other parts of Seongnam, Hanam and Hwaseong—recorded strong gains, driven by genuine demand and relatively lighter loan‑rate impacts. Analysts attribute the overall downturn to recent policy measures, including expanded land‑transaction permit zones, tighter loan regulations and the expiry of a tax‑deferral for multi‑home owners.