Seoul's Ultra-Luxury Developments Break Loan Limits with Record Sales
Record-High Transactions in Ultra-Luxury Complexes Continue Despite the implementation of loan regulations by the government last June, ultra-luxury complexes in Seoul have continued to see record-high transactions. These properties, which often sell for tens or even hundreds of billions of Korean won, remain highly sought after despite regulatory efforts to curb housing price surges. According to the Ministry of Land, Infrastructure and Transport’s Actual Transaction Price Disclosure System, the most expensive transaction in Seoul between January and October this year was a 273.928-square-meter exclusive-use unit at ‘Aro Seoul Forest’ in Seongsudong, Seongdong-gu. This property was sold for 29 billion Korean won on June 29. The government introduced real estate measures on June 27, including a uniform loan limit reduction to a maximum of 6 billion Korean won, aimed at curbing rising housing prices. However, record-breaking transactions still occurred. After these measures, a 273.9...