National Apartment Prices Fall for 4th Week... Seoul's 25 Districts Stop Rising

Apartment sale prices nationwide have declined for four consecutive weeks. In Seoul, prices have been falling for three weeks straight, with no districts among the 25 autonomous districts showing an increase.

View of downtown apartments from Namsan, Seoul / Photo by Yonhap News

According to the 'Weekly Apartment Price Trends' released by the Korea Real Estate Board on the 21st, the nationwide apartment sale price change rate for the third week of December (as of the 18th) was -0.05%, widening the decline from the previous week (-0.04%). After turning negative for the first time in 23 weeks since the third week of June (-0.01%), the downward trend has continued for four consecutive weeks.

Seoul (-0.04%) also saw a larger decline for the third consecutive week. The district with the largest drop was Nowon-gu, recording -0.09%. This was followed by Guro-gu (-0.08%), Dongjak-gu (-0.07%), and Mapo and Gwanak-gu (each -0.06%). Gangnam-gu (-0.04%), which was the first in the Gangnam area to turn negative, has seen apartment sale prices fall for five consecutive weeks. Among these, only Yongsan, Seongdong, Yangcheon, and Yeongdeungpo-gu remained flat (0.00%).

The Real Estate Board explained, "Due to concerns about a slowdown in the housing market, buyers are adopting a wait-and-see stance. While inquiries are mainly for urgent sales, transactions remain sluggish. Prices in some preferred complexes are also being adjusted downward."

Gyeonggi Province (-0.06%) also increased its decline, falling for three consecutive weeks. Gwangju-si (-0.32%), Ilsandong-gu in Goyang-si (-0.22%), Yangju-si (-0.14%), and Anseong-si (-0.12%) experienced significant drops. On the other hand, Gwangmyeong-si (0.04%) maintained an upward trend, and Gimpo-si (0.01%) turned positive. Incheon (-0.08%) continued its seven-week decline, with all districts including Jung-gu (-0.30%) and Michuhol-gu (-0.23%) falling.

The provinces (-0.04%) also declined for four consecutive weeks. The five major metropolitan cities fell by 0.06%, and Sejong-si reduced its decline from -0.12% to -0.03%.

Meanwhile, nationwide apartment jeonse (long-term lease) prices rose by 0.05%, continuing an upward trend for 22 consecutive weeks. Seoul increased by 0.11%, with Seongdong-gu (0.22%) showing the largest rise among the districts. This was followed by Yangcheon-gu (0.21%), Gangseo-gu (0.17%), and Dongdaemun and Geumcheon-gu (each 0.15%).

The Real Estate Board stated, "Some purchase demand is shifting to jeonse, and jeonse prices continue to rise mainly in preferred complexes near good school districts and subway stations. However, due to financial cost burdens, some complexes are experiencing price declines, showing differences by complex."

Jeonse prices in Gyeonggi rose by 0.11%, Incheon by 0.01%, while provinces remained flat.