Apartment Sale Prices Continue to Decline... But the Drop Is Narrowing

Korea Real Estate Board March 3rd Week Survey
Jeonse Prices Maintain Increase Rate Compared to Last Week (0.02%)

Jamwon Hangang Apartment. Photo by Heo Younghan younghan@

The Korea Real Estate Board announced on the 23rd that, according to its survey of nationwide weekly apartment price trends for the third week of March, sale prices fell by 0.03%, while jeonse prices rose by 0.02%.

The nationwide weekly apartment sale prices showed a reduced decline compared to last week (-0.05%). The Seoul metropolitan area (-0.05%→-0.02%) also saw a smaller drop. Seoul (-0.01%→0.00%) shifted to stable prices, and the provinces (-0.06%→-0.04%) experienced a decreased rate of decline.

In Seoul, mixed trends of rises and falls were observed by region and complex, with a slight increase in buyer inquiries. In some complexes, sellers raised their asking prices and upward transactions occurred, shifting the market from decline to stability.

Among the 14 districts in Gangbuk (-0.01%), Jongno-gu (0.02%) rose mainly in major complexes in Hongpa-dong and Sajik-dong, and Seodaemun-gu (0.02%) increased mainly in large complexes in Namgajwa-dong and Bukahyeon-dong. Dobong-gu (-0.04%) declined mainly in older complexes in Banghak-dong and Ssangmun-dong, and Gangbuk-gu (-0.03%) fell mainly in Suyu and Beon-dong areas.

Among the 11 districts in Gangnam (0.01%), Gwanak-gu (-0.05%) declined mainly in Bongcheon and Sillim-dong, and Guro-gu (-0.03%) fell mainly in older complexes in Gocheok-dong and Sindorim-dong. Dongjak-gu (0.05%) rose mainly in small to medium-sized complexes in Sangdo-dong and Noryangjin-dong, and Songpa-gu (0.04%) increased mainly in major complexes in Jamsil-dong and Sincheon-dong, marking a shift to an upward trend.

In Incheon (-0.01%), prices were stable. Bupyeong-gu (0.03%) rose mainly in large complexes in Cheongcheon-dong and Sangok-dong, and Seo-gu (0.01%) increased mainly in Simgok-dong and Geomam-dong. Michuhol-gu (-0.09%) declined mainly in Yonghyeon-dong and Juan-dong, affected by new supply, Dong-gu (-0.06%) fell mainly in Songnim-dong and Songhyeon-dong, and Gyeyang-gu (-0.04%) declined mainly in older complexes in Hyoseong-dong and Jakjeon-dong.

In Gyeonggi Province (-0.03%), due to local transportation benefits, Yeoju-si (0.15%) rose mainly in Hyeonam-dong and Wolsong-dong, and Goyang Deogyang-gu (0.12%) increased mainly in Haengsin-dong and Donae-dong. Anyang Dongan-gu (-0.18%) declined mainly in small to medium-sized complexes in Bisan-dong and Hogye-dong, Hwaseong-si (-0.08%) fell mainly in Hyangnam-eup and Gian-dong, Seongnam Jungwon-gu (-0.08%) declined mainly in Hadaewon-dong and Sangdaewon-dong, and Hanam-si (-0.07%) showed a wait-and-see trend with declines mainly in Deokpung-dong and Pungsan-dong.

The nationwide weekly apartment jeonse prices maintained their increase compared to last week (0.02%). The Seoul metropolitan area (0.06%→0.07%) saw an expanded rise, Seoul (0.08%→0.07%) experienced a reduced increase, and the provinces (-0.03%→-0.02%) showed a smaller decline.

In Seoul, the implementation of special jeonse loan programs for newborns increased relocation demand to areas near subway stations and complexes with good living conditions that meet the requirements. This led to a decrease in listings and upward transactions.

Among the 14 districts in Gangbuk (0.09%), Gangbuk-gu (0.13%) rose mainly in Mia-dong and Beon-dong due to relocation demand from redevelopment projects, Nowon-gu (0.13%) increased mainly in complexes near subway stations in Wolgye-dong and Sanggye-dong, Eunpyeong-gu (0.13%) rose mainly in small to medium-sized older complexes in Yeokchon-dong and Daejo-dong, and Yongsan-gu (0.12%) increased mainly in Sancheon-dong and Ichon-dong.

Among the 11 districts in Gangnam (0.06%), Guro-gu (0.11%) rose mainly in large complexes near subway stations in Onsu-dong and Hang-dong, Dongjak-gu (0.11%) increased mainly in Daebang-dong and Noryangjin-dong, Geumcheon-gu (0.09%) rose mainly in complexes with good living conditions in Doksan-dong and Gasan-dong, and Seocho-gu (0.08%) increased mainly in Sinwon-dong and Banpo-dong.