Seoul Apartment Prices Decline Slows for 7 Consecutive Weeks... Sejong Rises for 2 Consecutive Weeks

Seoul Gangdong-gu and Yongin Cheoin-gu Turn to Increase

Gangdong-gu reversed to an upward trend after 42 weeks, and Seoul apartment prices reduced their decline for the seventh consecutive week. By city and province, Sejong continued its upward trend for the second week.

Apartment complex in Sejong City / Photo by Yonhap News

According to the weekly apartment price trend announced by the Korea Real Estate Board on the 30th, Seoul apartment prices in the fourth week of March (as of the 27th) fell by 0.13%, narrowing the decline compared to the previous week (-0.15%).

The Real Estate Board stated, "Despite financial market instability and concerns over interest rate hikes, quick-sale properties were sold off, causing listing prices to rise moderately," adding, "The gap between buyers' and sellers' desired prices remains unresolved, so the overall downward trend continued."

By autonomous district, only Gangdong-gu (0.01%) showed an increase. This is the first time in 42 weeks since the first week of June last year. Gangnam-gu (-0.11% → -0.09%) and Songpa-gu (-0.06% → -0.02%) also saw a reduction in their decline. However, Seocho-gu shifted from stable to a decline of -0.01%. Seongdong-gu (-0.17% → -0.19%), Gangbuk-gu (-0.20% → -0.30%), and Dobong-gu (-0.24% → -0.27%) experienced a larger decline compared to the previous week.

Gyeonggi Province (-0.24%) also continued its downward trend with a reduced decline compared to the previous week. In particular, Cheoin-gu in Yongin (0.43%) turned to an upward trend following the government's announcement on the 15th selecting it as a candidate site for the national semiconductor industrial complex, boosting development expectations.

On the other hand, Incheon increased its decline from -0.16% to -0.18%. Bupyeong-gu (-0.32%) mainly declined in older areas such as Gusan, Ilsin, and Sangok-dong, while Namdong-gu (-0.22%) showed a notable decline in Dorim, Ganseok, and Namchon-dong.

In the provinces, the five major metropolitan cities showed a 0.26% decline. These include Busan (-0.26%), Daegu (-0.30%), Gwangju (-0.23%), Daejeon (-0.21%), and Ulsan (-0.29%). Sejong rose by 0.09%, maintaining its increase for the second consecutive week, similar to the previous week. The Real Estate Board explained, "Prices rose moderately mainly in major complexes in Saerom and Dajeong-dong, maintaining the rate of increase."

Apartment jeonse (long-term lease) prices nationwide also fell by 0.29%, narrowing the decline compared to the previous week (-0.36%). By city and province, Sejong (-0.04%), Gangwon (-0.05%), and Gyeongbuk (-0.07%) had relatively smaller declines. Areas where jeonse prices fell more than the national average included Seoul and Busan (each -0.32%), Gyeonggi (-0.35%), Incheon (-0.34%), Daegu (-0.43%), Daejeon (-0.34%), and Ulsan (-0.48%), totaling seven locations.

The Real Estate Board explained, "The backlog of listings due to new housing supply spread to neighboring areas, causing the overall downward trend to continue," but added, "However, the decline narrowed as quick-sale properties were sold off and relocation demand occurred in areas with excellent living conditions."