Apartment Sale Prices Fell 0.05% and Jeonse Prices Rose 0.02% in the Fourth Week of January

Korea Real Estate Board Survey
Nationwide Apartment Sale Prices Show Increased Decline Compared to Previous Week

Apartment viewed from Yongsan-gu, Seoul on the 5th. Photo by Jinhyung Kang aymsdream@

On January 25, the Korea Real Estate Board announced the nationwide weekly apartment price trends for the 4th week of January (as of January 22), reporting a 0.05% decline in sales prices and a 0.02% increase in jeonse prices.

Decline Narrowed in the Seoul Metropolitan Area and Seoul

The nationwide weekly apartment sales prices saw a larger decline compared to the previous week (-0.04%). The Seoul Metropolitan Area (-0.06% → -0.05%) and Seoul (-0.04% → -0.03%) experienced a narrowing of the decline. However, the provinces (-0.03% → -0.04%) saw the decline widen.

The Real Estate Board stated, "Due to ongoing uncertainties in the real estate market, buyers remain cautious and inquiries are sparse. As listing prices adjust and sporadic transactions mainly of urgent sales occur, the downward trend continues."

Looking at the 14 districts in Gangbuk, Seongbuk-gu (-0.07%) saw price drops mainly in Jeongneung and Jongam-dong, Gangbuk-gu (-0.06%) in large complexes around Mia and Beon-dong, Dobong-gu (-0.05%) in older buildings around Dobong and Chang-dong, and Nowon-gu (-0.04%) in areas like Sanggye and Gongneung-dong, with sellers lowering their asking prices.

Among the 11 districts in Gangnam, Songpa-gu (-0.06%) experienced declines mainly in Pungnap and Bangi-dong, Geumcheon-gu (-0.05%) in major complexes around Gasan and Siheung-dong, Gangseo-gu (-0.05%) in areas like Yeomchang and Gayang-dong, and Seocho-gu (-0.04%) in older buildings around Seocho and Jamwon-dong, as listings accumulated and the downward trend persisted.

In Gyeonggi Province, Gimpo-si (0.04%) turned to an increase, mainly in newly built large complexes influenced by development benefits. Goyang Deogyang-gu (0.00%) showed mixed trends by complex and stabilized. Dongducheon-si (-0.17%) declined mainly in older buildings around Jihaeng and Saengyeon-dong, Gwangju-si (-0.15%) in major complexes around Taejeon and Tanbeol-dong, Goyang Ilsandong-gu (-0.13%) in medium to large-scale units around Siksa and Pung-dong, and Anyang Dongan-gu (-0.13%) in large complexes around Bisan and Pyeongchon-dong.

The five major metropolitan cities fell by 0.05%. Sejong (-0.09%) and the eight provinces (-0.03%) showed similar trends.

Jeonse Prices Rise in the Seoul Metropolitan Area, Fall in Provinces

The nationwide weekly apartment jeonse prices maintained their increase compared to last week (0.02%). The Seoul Metropolitan Area (0.05% → 0.05%) and Seoul (0.07% → 0.07%) continued to rise. In contrast, the provinces (-0.01% → -0.01%) sustained a downward trend.

The Seoul Metropolitan Area (0.05% → 0.05%) and Seoul (0.07% → 0.07%) maintained their rate of increase. The provinces (-0.01% → -0.01%) remained in decline. The five major metropolitan cities (-0.01% → -0.02%) and Sejong (0.04% → -0.15%) saw a widening of the decline, while the eight provinces (-0.01% → 0.00%) stabilized.

By city and province, Daejeon (0.10%), Gyeonggi (0.05%), Chungbuk (0.05%), Jeonbuk (0.05%), and Gangwon (0.04%) experienced increases. Daegu (-0.06%), Busan (-0.06%), Jeju (-0.04%), Gyeongbuk (-0.04%), and Gyeongnam (-0.02%) saw decreases.