Seoul Housing Market Shifts: Nowon, Seongbuk and Gangseo-gu Lead Residential Transactions

Land transactions for residential properties in Seoul are increasingly concentrated in the city’s outskirts, particularly in Nowon, Seongbuk, and Gangseo-gu. These districts have seen a surge in first-time homebuyers, especially those in their 30s, acquiring apartment complexes. Activity is particularly focused on properties undergoing redevelopment or remodeling, and those priced under 1.5 billion won, leveraging favorable mortgage loan terms.

Transaction Volume Concentrated in Outer Districts

According to data from the Seoul Real Estate Information Plaza on February 23, 2026, Nowon-gu led the city with 1,133 residential land transaction approvals this year (as of February 22, 2026). This significantly surpassed other districts. Following Nowon-gu, Seongbuk-gu recorded 770 transactions, Gangseo-gu had 696, and Guro-gu saw 612 approvals. Seoul Metropolitan Government Districts

Nowon-gu: A Hub for Redevelopment and First-Time Buyers

Within Nowon-gu, ‘Seoul One I Park’ in Wolgye-dong (1,856 households) saw the highest number of transactions with 37 sales (excluding public rentals). Resale restrictions lifted on December 4, 2025, for complexes in the Kwangwoon University Station area have also spurred activity, with 54 contracts signed as of February 15, 2026. An 84㎡ unit on the 31st floor sold for 1.6849 billion won on February 7, 2026, exceeding the previous highest sale price for a similar unit by over 300 million won. Nowon District – Wikipedia

Old complexes undergoing redevelopment are also attracting buyers. ‘Sanggye Jugong Complex 6’ (2,646 households) and ‘Sanggye Boram’ (3,315 households) in Sanggye-dong, both undergoing rapid integrated planning, received 25 and 24 transaction permits respectively. ‘Miryung, Miseong, Samho 3cha’ (3,930 households) in Wolgye-dong, the largest complex in Nowon-gu, also saw 24 permits granted.

Activity in Seongbuk-gu and Gangseo-gu

In Seongbuk-gu, Donam-dong’s ‘Hanshin/Hanjin’ (4,509 households), which recently formed a remodeling committee, led with 44 transactions. A 132㎡ unit in Hanshin sold for 1.075 billion won on February 5, 2026, approximately 200 million won less than the peak price recorded in November 2021.

Gangseo-gu saw strong activity in Hwagok-dong’s ‘Gangseo Hillstate’ (2,603 households, 19 cases) and ‘Hwagok Prugio’ (2,176 households, 16 cases), as well as Gayang-dong’s ‘Gayang 9 Complex’ (1,005 households, 16 cases).

Core Seoul Districts See Relatively Fewer Transactions

Districts that previously led housing price increases, such as Gangnam, Seocho, and Yongsan, experienced comparatively fewer transaction permits. Gangnam-gu recorded 330 cases, while Seocho-gu and Yongsan-gu had 256 and 187, respectively. Songpa-gu saw a total of 594 transactions, including 23 for ‘Parkrio’ in Sincheon-dong (6,864 households) and 18 for ‘Recenz’ in Jamsil-dong (5,563 households).

First-Time Homebuyers in Their 30s Drive Demand

A significant proportion of buyers in these leading districts are first-time homebuyers in their 30s. In Nowon-gu, 58% (190 cases) of first-time purchases last month (January 2026, 325 cases) were made by individuals in their 30s, ranking 8th among Seoul’s 25 districts. Seongbuk-gu (65%, 210 cases) ranked 4th, while Gangseo-gu and Guro-gu tied for 8th place.

Price Point and Loan Availability as Key Factors

Price is a major driver of this trend. Following the “October 15 Housing Market Stabilization Measures” in 2025, the proportion of apartment transactions under 1.5 billion won increased to 82% (as of December 2025). Nowon, Seongbuk, and Gangseo-gu offer apartments with an average 84㎡ price around this level. First-time buyers can qualify for loan-to-value (LTV) ratios up to 70%, allowing for mortgage loans of up to 600 million won, further fueling demand.

Experts predict that transactions will continue to focus on complexes with desirable amenities, transportation links, and school districts, as well as those undergoing active redevelopment.