As apartment prices in regional areas stopped declining, they rose nationwide for the fourth consecutive week. Seoul led the rise in the metropolitan area, increasing for the 12th straight week.
According to the 'Weekly Apartment Price Trends' released by the Korea Real Estate Board on the 10th, nationwide apartment prices rose by 0.04% in the first week of August (as of the 7th), expanding the increase from last week (0.03%). It has been four weeks since prices shifted from flat (0.00%) to rising.
Apartment prices in the metropolitan area increased for the 10th consecutive week with a larger rise. Seoul rose by 0.09%, the same as last week, while Gyeonggi (0.08%→0.09%) and Incheon (0.07%→0.08%) saw slight increases.
In Seoul, all autonomous districts, including Nowon and Dongjak-gu which recorded flat prices, showed no declines for four consecutive weeks. Songpa-gu (0.23%) had the highest increase rate, followed by Seongdong-gu (0.22%), Dongdaemun and Mapo-gu (each 0.15%), and Yongsan-gu (0.14%).
The Real Estate Board stated, "After the exhaustion of urgent sale properties, sellers' desired prices have risen, and inquiries from buyers have decreased due to the vacation season," but added, "Demand from actual buyers and intermittent rising transactions continue mainly in preferred complexes near subway stations within the region, maintaining the overall upward trend."
In Incheon, Jung-gu (0.29%) rose mainly around major large complexes in Jungsan and Unseo-dong, and Yeonsu-gu (0.26%) showed strength in preferred complexes in Songdo New Town. On the other hand, Michuhol-gu (-0.17%) continued to decline mainly in older complexes in Juan and Gwankyo-dong.
In Gyeonggi, Dongducheon-si (-0.45%) saw declines in mid- to low-priced complexes in Jihaeng and Saengyeon-dong, and Guri-si (-0.21%) declined mainly in older complexes in Inchang and Gyomun-dong. In contrast, Hanam-si (0.50%) and Gwacheon-si (0.46%) continued their upward trends. Cheoin-gu in Yongin-si (0.11%), influenced by the development of the national industrial complex, also rose.
Regional areas returned from decline to flat for the first time in about one year and two months. The five major metropolitan cities fell by 0.01%, but the decline narrowed compared to last week (-0.03%), and the eight provinces that had been continuously declining recorded flat prices this week. Sejong (0.16%→0.10%) saw a reduced increase but maintained an upward trend.
Nationwide jeonse prices (0.03%) also rose for the third consecutive week. Seoul (0.11%) saw all 25 autonomous districts rise simultaneously, continuing the 12-week consecutive increase. Incheon, which had recorded flat prices for three consecutive weeks, rose by 0.04%, and Gyeonggi (0.08%→0.09%) also expanded its increase. Regional areas (-0.03%→-0.02%) reduced their decline compared to last week.
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