National Apartment Prices Fall for 6 Consecutive Weeks... Fewer Buyers and Only Urgent Sales Transactions

Sale Prices in Seoul Metropolitan Area Down 0.06%, Seoul Down 0.04%
Jeonse Prices Up 0.03%... Rising for 24 Consecutive Weeks

Apartment prices nationwide have been declining for six consecutive weeks.

According to the apartment price trends for the first week of January 2024 announced by the Korea Real Estate Board on the 4th, sale prices fell by 0.05%, while jeonse prices rose by 0.03%.

The decline in sale prices widened compared to last week (-0.04%). The metropolitan area fell by 0.06%, Seoul by 0.04%, and provinces by 0.04%, with the rate of decline expanding by 0.01 percentage points compared to the previous week. The five major metropolitan cities dropped by 0.05%, Sejong by 0.02%, and the eight provinces decreased by 0.03%.

The Seoul real estate market is seeing fewer purchase inquiries, with only rare transactions occurring at reduced prices mainly for quick sales. Sellers are also adjusting their asking prices downward.

All 25 districts in Seoul experienced declines. Seodaemun-gu (-0.08%), Nowon-gu (-0.07%), and Jungnang-gu (-0.06%) had the largest decreases. Gangdong-gu (-0.03%) is experiencing inventory accumulation mainly in major complexes in Amsa-dong and Sangil and Myeongil-dong.

Gyeonggi-do fell by 0.07%, an increase of 0.01 percentage points from last week. Gwacheon rose by 0.02%, mainly in major complexes in Burim-dong and Jungang-dong, but Ansan Sangnok (-0.29%), Gwangju-si (-0.27%), and Hanam-si (-0.24%) saw significant declines. In Incheon, Jung-gu rose by 0.07%, but Bupyeong-gu (-0.06%), Dong-gu (-0.05%), and Michuhol-gu (-0.05%), which have many new housing units, declined.

By region, Daegu (-0.07%) and Gyeonggi (-0.07%) had the largest declines. Following were Busan (-0.06%), Jeonnam (-0.05%), Gyeongnam (-0.04%), Gwangju (-0.04%), Jeju (-0.03%), Gyeongbuk (-0.03%), Chungnam (-0.03%), and Chungbuk (-0.03%).

Jeonse prices have been rising for 24 consecutive weeks. The increase in the first week of January was 0.03%, the same as last week.

The weekly national apartment jeonse price in the metropolitan area (0.06%) maintained the same rate of increase as last week, while Seoul saw a slight decrease to 0.07%. Provinces remained stable.

In Seoul, jeonse inquiries decreased due to the seasonal off-season and holidays. The Korea Real Estate Board explained, "While hopeful prices are maintained mainly in representative complexes near subway stations, the appearance of low-priced listings and mixed actual transactions with some declines have resulted in a reduced rate of increase."

In Seoul, jeonse prices rose in the following districts in order: Eunpyeong-gu (0.17%), Yeongdeungpo-gu (0.14%), Seodaemun-gu (0.13%), Seongbuk-gu (0.12%), Songpa-gu (0.10%), Guro-gu (0.10%), Dongjak-gu (0.09%), Seongdong-gu (0.09%), and Dobong-gu (0.08%).

Gyeonggi-do rose by 0.05%, with high increases in Goyang Ilsanseo-gu (0.30%), Suwon Yeongtong-gu (0.24%), Goyang Deogyang-gu (0.23%), Yongin Giheung-gu (0.23%), Suwon Jangan-gu (0.22%), and Goyang Ilsandong-gu (0.21%).

By province, jeonse prices increased in Daejeon (0.10%), Chungbuk (0.06%), Gyeonggi (0.05%), Jeonbuk (0.05%), and Gwangju (0.02%). They decreased in Gyeongbuk (-0.04%), Jeonnam (-0.03%), Daegu (-0.03%), and Busan (-0.03%).