"All of Seoul Fell"...Housing Sale Prices Decline, Jeonse Prices Slightly Increase

KB Real Estate 'Weekly KB Apartment Market Trends'
No Areas in Seoul Show Increase in Sale Prices

Apartment complex in Gayang-dong. Photo by Jo Yongjun jun21@

The nationwide apartment sale price change rate for the fourth week of January fell by -0.03% compared to the previous week. The jeonse price change rate rose slightly more than the previous week, increasing by 0.05%.

According to the 'Weekly KB Apartment Market Trends' released by KB Real Estate on the 28th, the apartment sale price change rate in Seoul dropped to -0.03%, while the jeonse price change rate maintained an increase at 0.13%.

There were no areas in Seoul where sale prices increased. Most areas, including Geumcheon-gu (-0.18%), Eunpyeong-gu (-0.15%), Jung-gu (-0.09%), and Nowon-gu (-0.08%), experienced slight declines. Seoul's buyer dominance index still showed a higher proportion of seller intentions than buyer inquiries, recording 26.4.

Seoul's jeonse price change rates rose in Mapo-gu (0.38%), Yangcheon-gu (0.35%), Dongjak-gu (0.33%), Gwanak-gu (0.28%), and Gangnam-gu (0.22%). Conversely, Geumcheon-gu (-0.08%) and Jungnang-gu (-0.03%) saw decreases.

In Gyeonggi-do, the sale price change rate fell by -0.03% compared to the previous week, while jeonse prices rose by 0.07%. The metropolitan area sale prices recorded a decline of -0.03%.

Sale prices increased only in Yangju-si (0.03%) and Yeongtong-gu, Suwon-si (0.01%). Gwacheon-si and Namyangju-si remained stable. Declines were seen in Gwonseon-gu, Suwon-si (-0.10%), Uijeongbu-si (-0.10%), Dongducheon-si (-0.08%), Osan-si (-0.08%), and Ojeong-gu, Bucheon-si (-0.07%).

Looking at jeonse prices, Yeongtong-gu, Suwon-si (0.68%), Paldal-gu, Suwon-si (0.33%), Ilsandong-gu, Goyang-si (0.33%), and Yangju-si (0.32%) saw increases. Dongducheon (-0.25%) and Gwonseon-gu, Suwon-si (-0.15%) experienced declines.

View of the Noryangjin redevelopment site in Seoul from the 63 Building observatory. Photo by Hyunmin Kim kimhyun81@

Examining sale price change rates by region, five metropolitan cities excluding Incheon recorded a decline of -0.05%. Sale prices in other local areas outside metropolitan cities fell by -0.03%. Only Chungbuk (0%) remained stable. Jeonnam (-0.01%), Gangwon (-0.02%), Sejong (-0.02%), Gyeongnam (-0.03%), Chungnam (-0.03%), Jeonbuk (-0.06%), and Gyeongbuk (-0.06%) experienced declines.

Jeonse prices rose by 0.13%. Among the five metropolitan cities excluding Incheon (-0.02%), Daejeon (0.06%) and Ulsan (0.02%) increased, Gwangju (0%) remained stable, while Busan (-0.02%) and Daegu (-0.10%) declined.

A KB Real Estate official explained, "The buyer-seller trend index in Seoul is 26.4, indicating few buyers and many seller inquiries," adding, "Seoul's buyer dominance index was similar to last week's 26.3 at 26.4, showing more sellers, and among the five metropolitan cities excluding Incheon (24.2), Daejeon (23.1) was the highest."

Ulsan recorded 21.9, Daegu 10.6, Busan 10.2, and Gwangju 10.2, all indicating a 'more sellers than buyers' situation below 100.