April Seoul Housing Prices Turn Up... Yongsan and Gangnam Areas Lead Gains Amid High Expectations

[Asia Economy Reporter Ryu Taemin] Last month, housing sale prices in Seoul showed a reversal to an upward trend. In particular, the rise seems to continue mainly in the Gangnam 3 districts (Gangnam, Seocho, Songpa), buoyed by expectations of eased reconstruction regulations.

According to the nationwide housing price trend announced by the Korea Real Estate Board on the 16th, the comprehensive housing sale price index in Seoul rose by 0.04% last month, turning upward compared to the previous month (-0.01%).

In Seoul, Yongsan-gu (0.15%), which benefits from the relocation of the Presidential Office, showed the largest increase. The Gangnam area, including Gangnam-gu (0.14%) and Seocho-gu (0.12%), followed due to expectations of regulatory easing.

Gyeonggi (-0.06% → 0.03%) and Incheon (-0.04% → 0.01%) also stopped declining and turned to an upward trend respectively.

The five major metropolitan cities in the provinces fell by 0.04%, narrowing the decline from the previous month (-0.06%). Other provinces rose by 0.09%, expanding the increase from the previous month (0.07%), resulting in the nationwide housing prices rising from 0.02% in March to 0.06% in April.

The nationwide monthly comprehensive housing jeonse (lease) price rose by 0.01%, reversing from a decline of -0.02% in the previous month. The metropolitan area (-0.08% → -0.03%) and Seoul (-0.06% → -0.04%) saw a reduction in the rate of decline, while provinces (0.04% → 0.03%) experienced a decrease in the rate of increase.