Real Estate R114 Announces 'Third Week of August Weekly Apartment Market in the Seoul Metropolitan Area'
Seoul Apartment Sale Prices Rise for 10 Consecutive Weeks
0.01% Increase in the Third Week of August
Uptrend That Started in Gangnam Area Spreading to Non-Gangnam Areas
According to the weekly KB Apartment Market Trends report by KB Real Estate, last week Seoul apartment sale prices surged by 0.22% in just one week. On the 5th, apartment sale and jeonse prices were listed in the Mapo-gu real estate market in Seoul. Photo by Jinhyung Kang aymsdream@
The volume of apartment sales transactions in Seoul has risen to 2020 levels, with quick-sale properties being exhausted and prices showing a recovery trend.
According to the 'Weekly Apartment Market Report for the Third Week of August in the Seoul Metropolitan Area' released by Real Estate R114 on the 17th, apartment sale prices in Seoul have continued to rise for 10 consecutive weeks, increasing by 0.01% this week.
Both redevelopment and general apartments rose by 0.01%. Additionally, new towns and Gyeonggi·Incheon areas have maintained an upward trend for more than six weeks, also increasing by 0.01% each.
In Seoul, the upward trend that began in the Gangnam area is spreading to non-Gangnam areas. By individual regions, prices rose in the following order: Eunpyeong (0.05%), Gwanak (0.05%), Gwangjin (0.04%), Yangcheon (0.03%), Dongjak (0.03%), Songpa (0.02%), Seongdong (0.02%), and Guro (0.02%).
In new towns, Dongtan (0.08%), Gwanggyo (0.02%), and Bundang (0.01%) saw price increases, with a significant rise in Dongtan New Town, which benefits from local transportation (GTX) and development prospects (semiconductors).
In Gyeonggi and Incheon, the upward trend was led by Suwon (0.08%), Hwaseong (0.07%), Uijeongbu (0.06%), Ansan (0.02%), and Incheon (0.02%).
The jeonse (long-term lease) market has been on a long-term rise for over a year. Despite the vacation season and heatwave, Seoul increased its rise to 0.02%, up from 0.01% the previous week. New towns rose by 0.02%, and Gyeonggi·Incheon by 0.01%.
In Seoul’s individual regions, the upward trend was prominent in Yangcheon (0.09%), Eunpyeong (0.06%), Nowon (0.06%), and Gwanak (0.06%). As prices rose in preferred locations such as school districts, surrounding areas also followed the trend.
In new towns, Dongtan (0.11%) and Gwanggyo (0.03%) led the upward trend. In Gyeonggi and Incheon, prices rose in Ansan (0.03%), Incheon (0.03%), Hwaseong (0.02%), and Guri (0.02%).
A Real Estate R114 official stated, "According to the Seoul Real Estate Information Plaza, the volume of apartment sales transactions in Seoul reached 7,470 in June, marking the highest transaction volume in about four years since December 2020 (7,745 transactions). Also, the currently tallied July transaction volume has already surpassed June with 7,720 transactions, and considering there are about 15 days left for reporting until the end of August, it is certain to exceed 8,000 transactions."
He added, "These transaction movements in the apartment market are rapidly spreading beyond Seoul to major metropolitan areas such as new towns, Gyeonggi, and Incheon. As a result, the quick-sale properties accumulated in the market are expected to be quickly absorbed in line with transaction volume movements. Therefore, the recovery to the past peak price levels recorded in 2020-2021 is expected to continue throughout the second half of the year across the metropolitan area."
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