Korea Real Estate Board Weekly Nationwide Apartment Price Trends for the First Week of March
Capital Region Decline Maintained, Regional Decline Widens
Jeonse Rises Only in the Capital Region
Apartment sale prices nationwide continued to decline in the first week of this month.
The Korea Real Estate Board announced that in the first week of March, nationwide weekly apartment price trends showed a 0.05% decrease in sale prices and a 0.03% increase in jeonse (long-term lease) prices.
Nationwide apartment sale prices maintained the same rate of decline as the previous week (-0.05%). The metropolitan area (-0.04%→-0.04%) and Seoul (-0.02%→-0.02%) also saw unchanged rates of decline. The provinces (-0.05%→-0.06%) experienced a larger drop.
Regarding Seoul's sale prices, the Real Estate Board explained, "Although there are inquiries for quick-sale properties in preferred complexes, the downward adjustment of sellers' desired prices is not progressing easily amid a wait-and-see stance. Mixed rises and falls by region and complex were observed, but the decline continued mainly due to transactions focused on quick-sale properties."
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 Kang Jin-hyung aymsdream@
The 14 districts in northern Seoul (-0.03%) showed even a lack of buyer inquiries. Gangbuk-gu (-0.09%) declined mainly in Beondong and Uidong, Dobong-gu (-0.06%) in Ssangmun-dong and Dobong-dong older complexes, Eunpyeong-gu (-0.05%) in major complexes in Bulgwang-dong and Nokbeon-dong, and Seodaemun-gu (-0.03%) mainly in Hyeonjeo-dong, Cheonyeon-dong, and Naengcheon-dong.
The 11 districts in southern Seoul (-0.01%) showed an upward trend mainly in Songpa-gu (0.03%) in Seokchon-dong and Munjeong-dong. Seocho-gu (0.00%) shifted to stable prices amid a mixed trend of declines in older complexes and rises in new constructions. However, Gwanak-gu (-0.06%) declined mainly in Bongcheon-dong and Sillim-dong, and Gangdong-gu (-0.02%) in large complexes in Godeok-dong and Gangil-dong.
In Incheon (-0.03%), Seogu (0.04%) saw rises mainly in Shinhyeon-dong and Cheongna-dong within the new town with favorable living conditions, and Yeonsu-gu (0.01%) in station-area complexes in Cheonghak-dong and Seonhak-dong. However, Michuhol-gu (-0.14%) declined mainly in Yonghyeon-dong and Hakik-dong due to move-in volumes, and Jung-gu (-0.07%) in Unseo-dong and Unnam-dong.
Gyeonggi-do (-0.06%) saw rises in Goyang Deogyang-gu (0.09%) mainly in Haengsin-dong and Hwajeong-dong old downtown areas, and in Yongin Cheoin-gu (0.03%) mainly in Idong-eup and Gimnyangjang-dong. Pocheon-si (0.01%) turned to an upward trend due to demand for new constructions.
However, Gwangju-si (-0.29%) declined due to move-in volumes in Gosan-dong, Anyang Dongan-gu (-0.21%) mainly in older complexes in Hogye-dong and Bisan-dong, Gwangmyeong-si (-0.17%) mainly in Ha-an-dong and Gwangmyeong-dong, Paju-si (-0.14%) mainly in Munsan-eup and Jori-eup, and Anseong-si (-0.12%) mainly in Dangwang-dong and Gongdo-eup.
Apartment sale prices in the provinces showed a 0.09% decline in the five major metropolitan cities, and Sejong also fell by 0.14%.
Jeonse prices rose mainly in Seoul (0.08%), Incheon (0.14%), and Gyeonggi-do (0.07%). The Real Estate Board stated, "The wait-and-see stance in sales has shifted to jeonse demand, and supply is insufficient compared to jeonse demand. Inquiries for leases in station areas and complexes with favorable living conditions are steadily maintained, with transactions mainly in new and small-scale units driving the rise."
Jeonse prices in the provinces (-0.03%) also declined. The five major metropolitan cities (-0.03%), Sejong (-0.29%), and eight other cities (-0.01%) all showed negative trends.
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