Seoul Apartment Prices Rise Further... 'Many Sellers' Trend Continues

KB Kookmin Bank Liiv Real Estate Announces Weekly Housing Market Trends

[Asia Economy Reporter Kim Hye-min] The rate of increase in Seoul apartment sale prices has slightly expanded. This appears to reflect expectations that redevelopment and reconstruction will expand. However, the situation of 'seller's market,' where there are more people wanting to sell as buying sentiment weakens, remains unchanged.

According to the weekly KB Housing Market Trend announced by KB Kookmin Bank Live Real Estate on the 9th, as of the 5th, Seoul apartment sale prices rose by 0.28% compared to the previous week. The rate of increase expanded from last week's 0.2%. After four consecutive weeks of slowing growth since the 15th of last month, the rate of increase has risen again. By district, Dobong-gu rose the most at 0.65%, followed by Seongdong-gu (0.64%) and Nowon-gu (0.5%).

In Gyeonggi-do, the rate of increase is gradually decreasing from last week's 0.59% to 0.55%, but it remains at a high level. Dongducheon (1.28%), Danwon-gu in Ansan (1.16%), and Gwonseon-gu in Suwon (1.04%) led the rise. Incheon, which surged to 0.82% on the 22nd of last month, recorded 0.64% this week. Although it still shows a high upward trend, the rate of increase has recently been decreasing.

Nationwide apartment jeonse prices rose by 0.19% compared to the previous week. The rate of increase decreased by 0.02 percentage points from last week. Seoul apartment jeonse prices are showing a stable trend at the 0.1% level (0.13%). Gyeonggi-do also decreased from 0.59% to 0.55%. Sejong recorded a negative growth rate with a 0.04% drop in jeonse prices.

Although the rate of increase in sale prices has grown, Seoul has maintained a 'more sellers' market' for six consecutive weeks. Seoul's buyer dominance index was recorded at 75.3, lower than last week's 77.3. A value below the baseline of 100 means there are more people wanting to sell apartments.

Among metropolitan cities, Gwangju (83.7) was relatively high, but Daejeon (81.5), Ulsan (62.9), Daegu (61.3), and Busan (58.9) all showed a 'more sellers' market.'