This year, among the 25 autonomous districts in Seoul, the official prices of apartment complexes in Songpa-gu and Nowon-gu showed the largest decline.
View of apartment complex from the observatory at 63 Square in Yeouido, Seoul / Photo by Yonhap News
According to the '2023 Official Apartment Price Announcement' released by the Ministry of Land, Infrastructure and Transport on the 22nd, the rate of change in apartment prices in Seoul this year was -17.30%, a drop of 31.52 percentage points compared to last year's 14.22%.
By district, Songpa-gu (-23.20%), which has many large complexes and demand for switching homes, experienced the largest decline. Nowon-gu, which attracted so-called "Yeongkkeul" buyers during the housing price surge, also fell by 23.11%. This was followed by Dongdaemun-gu (-21.98%), Gangdong-gu (-21.95%), Dobong-gu (-20.91%), and Seongbuk-gu (-20.48%).
There were a total of 13 districts with a decline rate lower than the Seoul average. These included Gangnam-gu (-15.70%), Gangbuk-gu (-15.65%), Jung-gu (-15.56%), Gwangjin-gu (-15.49%), Seongdong-gu (-15.11%), Guro-gu (-14.67%), Jungnang-gu (-14.53%), Gwanak-gu (-14.50%), Geumcheon-gu (-13.55%), Eunpyeong-gu (-13.53%), Jongno-gu (-11.15%), Seocho-gu (-10.04%), and Yongsan-gu (-8.19%).
Meanwhile, the nationwide average rate of change in official apartment prices this year was -18.61%. By region, Sejong (-30.68%), Incheon (-24.04%), Gyeonggi (-22.25%), and Daegu (-22.06%) showed the highest rates of decline.
The official prices can be viewed on the Real Estate Official Price Notification website starting from midnight on the 23rd. Owners can submit their opinions until the 11th of next month.
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