In July, the nation’s real estate market turned downward, with both volume and transaction amount de..

In July, the nation’s real estate market turned downward, with both volume and transaction amount decreasing compared to the previous month. The trend of declining transaction volume was evident in residential real estate, including apartments.

According to Real Estate Planet on the 16th, the number of real estate transactions nationwide in July was 84,437 cases, down 19.1% from the previous month (104,415 cases). The transaction amount was 31.6081 trillion won, down 39.5% from the previous month (52.2414 trillion won).

Commercial properties saw an increase in trading volume, but residential properties showed a decrease. Shopping malls and offices (28.0%), factories and warehouses (21.5%), factories and warehouses (21.3%), commercial and business buildings (9.1%), and land (1.7%) increased, but apartment (-35.5%), row and multi-family (-21.5%), officetels (-14.0%), and single and multi-family (-8.1%) decreased.

However, transaction amounts have decreased in all types of properties. The largest drop rate was apartments, which showed a more than half (52.1%) decrease in transaction amount compared to the previous month. Then, factories and warehouses (general) (-39.5%), row and multi-family (-28.4%), officetels (-20.3%), land (-17.4%), single and multi-family (-14.5%), shopping malls and offices (-4.1%), commercial and business buildings (-3.1%), and factories and warehouses (-2.1%).

By city and province, the decline in the apartment market in the metropolitan area was noticeable. Seoul’s trading volume fell 63.9% from 10,937 to 3,948, while transaction volume fell 65.2% from 14.5435 trillion won to 5.60.4 trillion won, the largest drop in the country.

Trading volume in Gyeonggi Province was 8586 cases and transaction amount was 4.4673 trillion won, down 50.1% and 59.8% from the previous month (17,191 cases and 11.1235 trillion won), respectively. In Incheon, trading volume fell 40.5% to 1,808 from 3,037 and transaction amount fell 46.1% from 1.2994 trillion won to 700 billion won.

officetels also saw 3,199 transactions in July, down 14.0% from the previous month’s 3,718 transactions, and 20.3% from 838.1 billion won to 668.1 billion won, respectively. By city and province, transaction volume decreased in 10 cities and provinces, including Chungnam (39 cases, -76.5%), Gyeongbuk (46 cases, -55.8%), Busan (257, -55.1%), and Gyeongnam (96 cases, -37.3%).