The number of properties in Seoul that changed hands through court auctions, driven by burdens such as loan repayment, has risen by about 25% over the past year.
While Guro District alone saw 72 ownership transfers through auction last month, Gangnam District recorded only two, highlighting a sharp gap among the city's autonomous districts.
According to an analysis of data from the Supreme Court's Internet Registry Office by real estate information app Zippum on Tuesday, a total of 308 applications for ownership transfer registration through voluntary auction sales were filed in Seoul last month. The figure marks a 25.2% increase from 246 in the same month a year earlier.
Ownership transfer registration through voluntary auction sales refers to the process in which a property pledged as collateral is put up for court auction after the debtor fails to repay a secured loan, and ownership is transferred to the successful bidder. An increase in applications indicates that more properties have changed owners through auctions.
Guro District alone accounted for 72 applications, the largest among Seoul's 25 autonomous districts. The figure represents more than a 14-fold increase from just five applications a year earlier in Guro. Geumcheon District and Gangseo District recorded 23 and 40 applications, respectively, with the three districts together accounting for 43.8% of Seoul's total.
By contrast, Gangnam District recorded only two cases, while Mapo and Yongsan districts each saw four, and Gwangjin and Seongbuk districts each had six, all in the single digits.
"Voluntary auction listings are on the rise due to factors such as interest rate hikes," an industry official said. "However, properties in areas along the Han River, where home prices remain firm, are being absorbed by the market without reaching the auction stage."
