Apartment prices nationwide have stopped rising after 19 weeks and returned to a flat trend (0.00%). In particular, the sales prices in Gangnam-gu, Seoul, turned downward after 31 weeks, leading to analyses that the real estate market has entered a correction phase.
According to the 'Weekly Apartment Price Trends' released by the Korea Real Estate Board on the 23rd, the nationwide apartment sales price change rate for the third week of November (as of the 20th) recorded 0.00%. This halt in the upward trend comes 19 weeks after it turned positive in the third week of July.
Apartment prices in Seoul rose by 0.03%, but the increase was smaller compared to the previous week (0.05%). By district, Gangbuk-gu (-0.03%) and Nowon-gu (-0.04%) declined for three consecutive weeks, Guro-gu (-0.02%) fell for two consecutive weeks, and Dobong-gu (-0.01%) also turned downward. Additionally, Gangnam-gu attracted attention with a 0.02% decline. This is the first drop in Gangnam-gu in 31 weeks. Seocho-gu (0.00%) remained flat.
The Real Estate Board explained, "The widening gap between sellers' and buyers' desired prices has deepened the wait-and-see attitude, reducing expectations for price increases and decreasing purchase inquiries." They also noted that the decline in Gangnam-gu, one of the regions that led this year's price rises, is an indicator of the current real estate sentiment.
Gyeonggi Province's increase also narrowed from 0.03% to 0.02%. Gwangju-si (-0.14%) and Dongducheon-si (-0.13%) declined, while Hanam-si (0.17%), Anyang-si Dongan-gu, and Suwon-si Yeongtong-gu (each 0.16%) maintained upward trends, but overall showed weakness compared to the previous week.
Incheon (-0.04% → -0.05%) saw a larger decline. Michuhol-gu (-0.15%) experienced price drops mainly in low-priced, older buildings in Juan and Yonghyeon-dong, and Bupyeong-gu (-0.09%) saw decreases centered on small to medium-sized complexes in Bugae and Samsan-dong.
In the provinces, the trend shifted from 0.02% last week to flat at 0.00% this week, with the five major metropolitan cities (-0.02%) turning downward. Sejong City, which had risen last week after five weeks, turned downward by 0.02% again.
Meanwhile, nationwide jeonse (long-term lease) prices rose by 0.10%, continuing the upward trend, though the increase was slower than the previous week (0.11%).
Seoul's jeonse prices rose by 0.17%, with Seongdong-gu (0.39%) showing the largest increase among districts. Yangcheon-gu (0.29%), Gangseo-gu (0.26%), Gangbuk-gu and Nowon-gu (each 0.23%), and Yongsan-gu (0.21%) also exceeded the average.
The Real Estate Board stated, "The shortage of listings continues mainly in areas with favorable living conditions, driving up jeonse prices. However, due to rising market interest rates and financial cost burdens, prices in major complexes that had been highly priced are showing mixed trends, reducing the rate of increase."
Jeonse prices in Gyeonggi and Incheon rose by 0.19% and 0.03%, respectively. The provinces increased by 0.03%.
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