Unsold apartment listings continue to build up in South Korea's auction market, and Seoul's winning bid ratio fell 4 percentage points from the previous month in August to slip below the 100% line.
Nationwide, 3,614 apartments went to auction last month, according to an August 2026 auction trends report released on the 7th by GG Auction, a firm specializing in court and public auction data. The figure edged down from July but stayed above 3,000 for a sixth consecutive month, keeping listings at a high level. It marks a roughly 26% jump from 2,874 in the same period a year earlier. The sale rate, however, came in at 35.4%, down 1.9 percentage points from 37.3% a month earlier, while the winning bid ratio — the winning bid as a share of the appraised value — fell 0.7 percentage point to 84.7%, extending its decline to a third straight month.
Seoul's apartment auction market also slowed broadly. The sale rate fell 1.2 percentage points to 37.1% from 38.3% a month earlier, staying in the 30% range for a third month. The winning bid ratio dropped 4.0 percentage points from the previous month to 97.0%. Large apartments and standalone buildings repeatedly sold at 60% to 80% of their appraised value.
Mid- and low-priced complexes with good living conditions and apartments set to benefit from redevelopment projects still drew strong interest. A 59-square-meter unit at Shindonga Apartment in Yongdu-dong, Dongdaemun District, attracted 17 bidders and sold for 903.99 million won, or 132% of its appraised value. A 60-square-meter unit at Hyundai Apartment in Wolgye-dong, Nowon District, drew 10 bidders and sold for 871.77 million won, or 122% of the appraised value. GG Auction said areas dense with mid- and low-priced apartments, including Jungnang District at 115.2% and Nowon District at 102.8%, ranked at the top for winning bid ratios.
Gyeonggi Province showed a similar concentration. Its sale rate plunged 11.4 percentage points from the previous month to 37.7%, the lowest level this year. The winning bid ratio, however, rose 3.0 percentage points to 89.8%, the highest in two years since August 2024, as ratios climbed at prime locations in southern Gyeonggi — 112.1% in Hanam, 109.8% in Dongtan District of Hwaseong, 109.5% in Suji District of Yongin and 106.8% in Bundang District of Seongnam. An 84-square-meter unit at Dongtan Station Lynn Strauss in Dongtan District, Hwaseong, drew 26 bidders and sold for 1.367 billion won, or 113% of an appraised value of 1.2 billion won.
