Seoul apartment sales prices and transaction volume 'suddenly' this year

The average sale price and transaction volume of apartments in Seoul have plummeted this year.

According to the Seoul Real Estate Information Plaza, the average transaction amount of apartments in Seoul in January was KRW 995.44 million as of yesterday (11th), down more than KRW 130 million from a month ago.

The number of transactions this month is also expected to be only 174, down from 2,490 in December last year, when there were the fewest transactions throughout the year.

The decrease in average transaction amount is attributed to a decrease in demand for so-called "high-end transfer" such as Gangnam-gu District amid subdued buying sentiment in the real estate market.

According to KB Real Estate's weekly apartment market trends, the rise in apartment sales prices in Seoul has also steadily decreased from 0.03% as of the 16th of last month to 0.01% on the 6th.