Some of the real addresses are abroad, and some of the registered owners have acquired citizenship elsewhere. Among transactions made after 2017, the real addresses of the homeowners were the same as the address of the owned apartment for 11.4 percent of the total. Joint ownership has emerged as a popular option after the Moon administration ramped up real estate taxes. Half of all transactions were communal, with the units owned by more than two people - for every 44 units sold since 2017, 70 percent were under joint ownership. Eight percent of those who purchased Eunma apartment units were from outside of Seoul. More than half of the property owners lived in the three main Gangnam districts: Gangnam, Seocho and Songpa. About 4 percent of homeowners were in their 30s. The average age for the homeowners was 58. The prolonged ownership may be due to expectations for reconstruction since 2000. The investigation found that 40 percent belonged to the same owners for more than 15 years.
Flux apartments price registration#
An investigation into registration documents filed for 224 Eunma apartment units, 5 percent of total, shows that the registered homeowner for 21.4 percent, or 43 units in the complex, have not changed for over 20 years. The average turnover of apartments in Seoul is just about 5 percent a year, and the rate of transactions in the Eunma Apartment Complex is less than average. Real estate transactions in the complex are only allowed for property owners who plan to live in their houses for at least two years. Assuming a current market price of 2 billion won ($1.67 million) per unit, the market value for the entire complex would be 8.8 trillion won. The Eunma Apartment Complex has not formed an association, and hence there is a chance that it will be the first complex to be subject to the regulations, which are set to be passed by the National Assembly. The most recent set of measures stipulates that ownership of new homes after reconstruction will not be granted to those who have not lived for at least two years in their properties. Real estate measures released on June 17 tightened lending rules and designated more areas subject to tighter regulations in order to prevent a further rise in housing prices in Seoul. The Eunma Apartment Complex in Daechi-dong of Gangnam District, southern Seoul, was built in 1979 and has been the target of the government’s real estate policy due to its position as a price leader in the housing market for being the first in line for reconstruction in the area. The government’s most recent real estate policy, the 21st antispeculative measures instituted by the current administration, has posed challenges to home owners and so-called gap investors. Eunma Apartment Complex in Daechi-dong of Gangnam District, southern Seoul, will likely initiate its planned redevelopment project under tightened real estate measures.
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