Seoul apartment transactions surge in October ahead of new housing curbs

SEOUL, November 28 (AJP) - Apartment sales in Seoul saw a dramatic jump in October, fueled by a wave of last-minute purchases ahead of sweeping government real-estate curbs, official data and policy documents show.

Nationally, housing transactions — including apartments and other types of residences — reached 69,718 last month, up 10 percent from September and 23.2 percent from a year earlier, according to the October housing statistics from the Ministry of Land, Infrastructure and Transport.

According to analysts, this frenzied pace was driven by apprehension over newly announced curbs. On Oct. 15, the government unveiled its most aggressive housing regulation package yet: all 25 districts of Seoul and 12 municipalities in the surrounding Gyeonggi Province were designated as regulated zones.

In the capital region, transactions surged. The Seoul metropolitan area recorded 39,644 deals — a 26.7 percent rise from September and 58.5 percent increase compared with October 2024. Within that, the city of Seoul alone logged 15,531 transactions, up 41.3 percent month-on-month and 116.8 percent year-on-year.

By contrast, outside the metropolitan region non-metro areas saw a decline: transactions fell 6.2 percent from September and 4.7 percent from the same month last year.

On the apartment market, the trend was even more pronounced: nationwide apartment sales reached 56,363 — up 13.5 percent from the prior month and 31.3 percent from a year earlier.

Apartment transactions in Seoul soared by 62.5 percent month-on-month and an extraordinary 176 percent year-on-year. In the broader metropolitan zone, apartment deals rose 35.5 percent from September and 79.4 percent compared with last October.

* This article, published by Aju Business Daily, was translated by AI and edited by AJP.

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