Seoul Apartment Prices Rise for 14 Consecutive Weeks... Regional Areas Also Turn to Increase

Weekly apartment prices in Seoul have risen for 14 consecutive weeks, while prices in other regions have shifted to an upward trend after two weeks of stagnation. Nationwide, prices have increased for the sixth consecutive week.

View of Yeouido apartments from the observatory of Seoul 63 Building. / Photo by Hyunmin Kim kimhyun81@

According to the 'Weekly Apartment Price Trends' released by the Korea Real Estate Board on the 24th, apartment prices in Seoul for the third week of August (as of the 21st) rose by 0.14%, an increase from the previous week's 0.09%.

By district, except for Dongjak-gu which recorded no change (0.00%) and Gangbuk-gu which maintained the same rate of change as last week (0.03%), all districts increased their growth rates compared to the previous week. Songpa-gu (0.37%), Seongdong-gu (0.25%), Yongsan-gu (0.21%), and Gangnam, Dongdaemun, and Mapo-gu (each 0.20%) saw the largest increases.

The Real Estate Board explained, "After the quick-sale properties were exhausted, price increases continued mainly in newly built or well-maintained complexes compared to older buildings showing a wait-and-see trend, and in complexes with high expectations for redevelopment projects."

Gyeonggi Province rose by 0.12%, led by Gwacheon-si (0.46%), Hwaseong-si (0.44%), Hanam-si (0.42%), and Sujeong-gu in Seongnam-si (0.37%). Cheoin-gu in Yongin-si (0.12%), benefiting from the development of a national industrial complex, also maintained an upward trend. Conversely, Dongducheon-si (-0.29%), Gwangju-si (-0.11%), and Gimpo-si (-0.10%) showed weakness.

Incheon (0.06%) saw a smaller increase compared to the previous week (0.08%). Michuhol-gu (-0.08%) declined mainly in Yonghyeon and Juan-dong areas affected by new housing supply, and Dong-gu (-0.02%) saw declines centered in Manseok and Songnim-dong. Jung-gu (0.36%), Yeonsu-gu (0.14%), and Namdong-gu (0.13%) continued their upward trends.

In the provinces, after escaping a decline for the first time in 1 year and 2 months in the first week of this month and remaining flat for two weeks, prices turned upward this week. The five major metropolitan cities rose by 0.02%, and Sejong increased by 0.08%. Notably, Sejong has maintained an upward trend for five consecutive months since the third week of March this year. Accordingly, the nationwide apartment price change rate also rose by 0.07%, marking the sixth consecutive week of increase. The rate of increase is gradually growing.

Nationwide jeonse prices (0.07%) have risen for five consecutive weeks. In Seoul (0.15%), jeonse prices have increased for 14 consecutive weeks, with all districts except Seocho-gu (0.06%→0.00%) expanding their growth rates compared to the previous week. The Real Estate Board stated, "In Seoul, as the autumn moving season approaches, rental inquiries have increased, leading to rising transactions mainly in major complexes near subway stations and school districts."

Jeonse prices in Incheon and Gyeonggi rose by 0.08% and 0.16%, respectively, while the provinces shifted from a slight decline (-0.01%) to flat (0.00%).