Korea Real Estate Board Announces Nationwide Weekly Apartment Price Trends
Jeonse Prices Also Turn Up After 1 Year and 6 Months
Nationwide apartment sale prices rose for the second consecutive week following last week. Seoul maintained its upward trend, while the decline in provincial areas narrowed. Jeonse prices also successfully turned to an increase for the first time in 1 year and 6 months.
According to the 'Weekly Apartment Price Trends Nationwide' released by the Korea Real Estate Agency on the 27th, as of the fourth week of July (24th), nationwide apartment sale prices were surveyed at 0.02%. This marks the second consecutive week of increase after successfully turning to an upward trend for the first time in 1 year and 6 months last week.
By region, Seoul recorded 0.07%, the same as last week, and the metropolitan area rose by 0.06%. The provinces saw a decrease in the rate of decline from -0.03% to -0.02%. The five major metropolitan cities fell by 0.03%, narrowing the decline compared to the previous week, and the eight provinces remained the same at -0.02%. Sejong's increase narrowed from 0.30% to 0.25%.
In Seoul, the overall upward trend continued as additional rising transactions occurred mainly in some preferred complexes and areas with development prospects.
In the northern part of Seoul, price increases were notable in Mapo-gu (0.16%), Seongdong-gu (0.12%), Dongdaemun-gu (0.10%), and Yongsan-gu (0.09%). Mapo-gu rose mainly in large complexes in Ahyeon and Gongdeok-dong, Seongdong-gu in major complexes in Geumho and Oksu-dong, Dongdaemun-gu in Jang-an and Yongdu-dong, and Yongsan-gu in major complexes in Ichon and Hannam-dong, sustaining the overall rise in northern Seoul.
In the Gangnam area, apartment prices increased in Songpa-gu (0.14%), Yangcheon-gu (0.12%), Gangdong-gu (0.11%), and Gangnam-gu (0.09%). Songpa-gu rose mainly in major complexes in Sincheon and Jamsil-dong, Yangcheon-gu (0.12%) in older complexes in Mok-dong, Gangdong-gu (0.11%) in new complexes in Sangil and Godeok-dong, and Gangnam-gu (0.09%) in major complexes in Apgujeong and Daechi-dong.
In Incheon, Michuhol-gu (-0.08%) showed a downward trend due to new housing supply. Gyeyang-gu (-0.04%) also declined mainly in older complexes in Jakseon and Hyoseong-dong. On the other hand, Jung-gu (0.24%), Yeonsu-gu (0.22%), and Namdong-gu (0.09%) maintained an upward trend.
In the Gyeonggi area, declines continued in Dongducheon-si (-0.29%), Uijeongbu-si (-0.10%), and Goyang Ilsanseo-gu (-0.09%). Conversely, Hanam-si (0.42%), Seongnam Sujeong-gu (0.40%), and Gwacheon-si (0.38%) sustained their upward trends.
The provinces fell by 0.02%, narrowing the decline from 0.03% last week. The five major metropolitan cities decreased by 0.03% this week, down from 0.04% last week, reducing the rate of decline. The eight provinces remained steady at -0.02%. In the provinces, Sejong rose by 0.25%, slightly narrowing the increase from 0.3% last week.
Nationwide apartment jeonse prices recorded 0.01%, successfully turning to an increase for the first time in 1 year and 6 months since January 24 last year (0.01%).
Seoul (0.07%→0.08%) expanded its increase. After low-priced listings were exhausted mainly in preferred complexes such as areas near subway stations and school districts, rising transactions and listings appeared, and in some areas, demand for new or small-to-medium-sized units increased, expanding the rise.
Gyeonggi (0.07%→0.07%) and Incheon (0.00%→0.00%) remained steady. In the provinces, Sejong (0.00%→0.14%) saw an increase in the rate of rise. Daegu (-0.16%→-0.12%) narrowed its decline, but Busan (-0.07%→-0.09%) saw an increase in the decline.
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