Seoul apartment prices have reduced their decline for six consecutive weeks. The Gangnam 3 districts (Gangnam, Seocho, Songpa) showed a clear upward trend.
According to the weekly apartment price trend announced by the Korea Real Estate Board on the 18th, Seoul apartment prices fell by 0.01% in the third week of May (as of the 15th), marking a slowdown in the decline for six consecutive weeks. The Real Estate Board explained that market sentiment is recovering as actual demand increases and low-priced listings in complexes with excellent residential conditions are being exhausted, leading to rising transactions.
In particular, the southeastern area including the Gangnam 3 districts continued its upward trend for five consecutive weeks. Seocho and Gangnam districts (each 0.10%) rose for the fifth and fourth weeks respectively, and Songpa (0.11%) and Gangdong (0.06%) districts also maintained their upward momentum. This appears to be due to the upward adjustment of listing prices in major complexes in the area.
Yongsan district (0.05%), which remains a regulated area along with the Gangnam 3 districts, also rose for two consecutive weeks after turning positive for the first time in 11 months last week. Nowon district (0.07%) increased its rise centered on reconstruction complexes, and Dongjak district also rose by 0.06%. Seongdong district (-0.02%) reversed its one-year plateau and declined again.
Incheon (0.03%) showed mixed trends by region. While the old downtown areas with low buyer inquiries continued to decline, large complex areas that had experienced significant drops saw prices rise after quick-sale listings were removed. Jung-gu (0.13%), including major complexes in the new town of Jungsan-dong, as well as Gyeyang-gu (0.13%) and Yeonsu-gu (0.08%) showed strong performance.
Gyeonggi Province fell by 0.02%, narrowing the decline compared to the previous week (-0.04%). Cheoin-gu in Yongin City (0.25%) rose for eight consecutive weeks, mainly in Namsa and Idong-eup, due to ongoing benefits from the development of the national industrial complex, and Suji-gu (0.25%) saw increased buyer inquiries in station-area complexes in Pungdeokcheon and Jukjeon-dong. Gwacheon City (0.03%) and Bundang-gu in Seongnam City (0.03%) turned positive.
Among other cities and provinces, Sejong (0.39%→0.22%) continued its rise for nine consecutive weeks, although the rate of increase slowed compared to the previous week.
Jeonse prices nationwide slightly reduced their decline from -0.11% to -0.10%. Seoul (-0.07%→-0.06%) and the metropolitan area (-0.08%→-0.06%) saw a slowdown in the rate of decline, while provinces (-0.13%→-0.15%) experienced an expansion. Among these, Sejong rose by 0.05%, continuing its upward trend for seven consecutive weeks since turning positive in the last week of March.
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