Local prices remain stable... Nationwide apartment prices rise for 5 consecutive weeks
"Transaction volume not high"... Jeonse prices rise for 4 consecutive weeks
Amid growing expectations for a recovery in real estate prices, apartment prices in Seoul have risen for 13 consecutive weeks. Nationwide, prices have increased for the fifth week in a row.
According to the 'Weekly Apartment Price Trends' released by the Korea Real Estate Board on the 17th, Seoul apartment prices rose by 0.09% in the second week of August (as of the 14th), maintaining the same rate of increase as the previous week. Nationwide, the rate of increase (0.04%) was also unchanged from the previous week.
The metropolitan area, including Seoul, saw a slight decrease in the rate of increase from 0.09% to 0.08%, but prices rose for the 11th consecutive week. Gyeonggi Province's increase slightly decreased from 0.09% to 0.08%, while Incheon showed the same rate of change (0.08%) as the previous week.
In Seoul, all autonomous districts have seen no declines for five consecutive weeks. Songpa-gu (0.23%→0.31%), Yongsan-gu (0.14%→0.15%), Mapo-gu (0.15%→0.17%), Yangcheon-gu (0.10%→0.13%), Dobong-gu (0.02%→0.04%), and Dongjak-gu (0.00%→0.01%) all experienced an increase in their rate of price growth compared to the previous week.
The Real Estate Board stated, "Although transaction volumes are not high due to the summer vacation season and typhoon effects, there is steady buyer interest in major complexes within the regions, and asking prices are rising, leading to some upward transactions being concluded."
In Incheon, Jung-gu (0.27%) saw price increases mainly in major complexes in Unseo and Jungsan-dong, while Namdong-gu (0.18%) showed strength in large complexes in Seochang and Guwol-dong. Yeonsu-gu (0.14%), which includes Songdo New City, also continued to rise. On the other hand, Michuhol-gu (-0.07%) declined, centered around Yonghyeon and Dohwa-dong, affected by upcoming new housing supply.
In Gyeonggi Province, prices fell in Dongducheon-si (-0.27%), Uijeongbu-si (-0.08%), and Yangju-si (-0.06%), while Gwacheon-si (0.40%), Seongnam-si Bundang (0.35%), and Sujeong-gu (0.33%) showed upward trends. Cheoin-gu in Yongin-si (0.10%), benefiting from national industrial complex development, also rose, though at a reduced rate.
In the provinces, after returning to a flat trend (0.00%) last week following a decline for the first time in over a year and two months, prices remained flat for the second consecutive week. The five major metropolitan cities shifted to a flat trend; Busan reduced its decline (-0.06%→-0.04%), Daegu expanded its increase (0.03%→0.05%), and Sejong (0.10%) maintained the same rate of increase as the previous week.
Nationwide jeonse prices (0.04%) increased for the fourth consecutive week, with the rate of increase expanding from 0.03% the previous week. Seoul (0.11%) saw all 25 autonomous districts rise simultaneously, continuing the 13-week consecutive increase. The Real Estate Board noted, "After low-priced listings were exhausted in complexes with favorable living conditions such as transportation and school districts, price increases centered on actual demand occurred. However, some areas continued to show cautious trading by complex."
Jeonse prices in Incheon and Gyeonggi rose by 0.03% and 0.11%, respectively. The provinces (-0.02%→-0.01%) also reduced their rate of decline compared to the previous week.
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