Korea Real Estate Board, January Nationwide Housing Price Trend Survey
All Areas in Seoul Decline... Transactions Mainly Focused on Quick Sales
As the government announced that it will freeze the actualization rate of publicly announced real estate prices at the 2020 level, on the 21st, sale and jeonse prices are posted at an apartment complex in Seoul. Photo by Jinhyung Kang aymsdream@
In January, the nationwide housing prices fell by -0.14%, showing a larger decline compared to the previous month (-0.10%). The metropolitan area (-0.14%→-0.18%), Seoul (-0.07%→-0.12%), and provincial areas (-0.07%→-0.11%) all exhibited similar trends.
On the 15th, the Korea Real Estate Board stated, "In the metropolitan area, due to uncertainty in the real estate market, buyers are holding back, and prices are being adjusted downward mainly through urgent sales. Seoul (-0.12%) showed a decline across all regions."
Looking at the 14 districts in northern Seoul, in Nowon-gu (-0.22%) and Dobong-gu (-0.17%), there were almost no purchase inquiries, with transactions occurring mainly through urgent sales. Seongbuk-gu (-0.12%) saw price reductions in major complexes in Samseon-dong and Seongbuk-dong. Dongdaemun-gu (-0.09%) experienced price drops mainly in Hwikyung-dong and Imun-dong.
In the 11 districts of southern Seoul, Songpa-gu (-0.33%) declined due to reduced development demand, mainly in Munjeong-dong, Jamsil-dong, and Garak-dong. Gangseo-gu (-0.19%) saw decreases mainly in older buildings in Gayang-dong, Yeomchang-dong, and Hwagok-dong. Seocho-gu (-0.17%) had transactions focused on urgent sales in complexes with accumulated inventory in Jamwon-dong and Banpo-dong.
The rate of increase in jeonse (long-term lease) prices narrowed. The metropolitan area (0.23%→0.13%) and Seoul (0.25%→0.16%) saw reduced growth, while provincial areas (0.02%→-0.03%) turned to a decline. Seoul (0.16%) saw increases mainly in Nowon, Dongdaemun, and Guro-gu, while Gyeonggi Province (0.13%) rose mainly in Suwon Paldal, Goyang Ilsanseo, Goyang Deogyang, and Suwon Yeongtong-gu.
The nationwide monthly rent price increase rate was 0.07%, showing a smaller rise compared to the previous month (0.09%). The metropolitan area (0.18%→0.13%), Seoul (0.11%→0.08%), and provincial areas (0.02%→0.01%) all showed similar patterns.
Monthly rents increased mainly in areas with good transportation environments near subway stations and regions with school district demand. In Seoul (0.08%), increases were centered on small to medium-sized units in Seongdong, Yongsan, and Yangcheon-gu. In Gyeonggi Province (0.18%), rises were mainly in Suwon Yeongtong-gu, Hwaseong City, and Bucheon Sosa-gu. In Incheon (0.07%), increases were focused on Seo-gu Cheongna, Geomdan New Town, and Jung-gu.
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