Apartment Sale and Jeonse Price Increase Rates Both Narrowed

Korea Real Estate Board 'Weekly Apartment Price Trends Nationwide for the 3rd Week of September'
Sale Prices Up 0.05%, Jeonse Prices Up 0.06%

According to the KB Real Estate Weekly KB Apartment Market Trend report, last week Seoul apartment sale prices soared by 0.22% in just one week. The photo shows the Granja Apartment in Mapo-gu, Seoul, on the 5th. Photo by Jinhyung Kang aymsdream@

The Korea Real Estate Board announced on the 20th that according to its survey on the 'Weekly Nationwide Apartment Price Trends for the 3rd week of September (as of September 16),' the sales prices rose by 0.05%, and the jeonse prices increased by 0.06%.

The nationwide weekly apartment sales price increase narrowed compared to last week (0.07%). The Seoul metropolitan area (0.15% → 0.11%) and Seoul (0.23% → 0.16%) saw a reduction in the rate of increase, while the provinces (-0.01% → -0.02%) experienced a wider decline.

A representative from the Korea Real Estate Board explained, "In Seoul, although listings increased in most areas, transaction volumes showed a declining trend," adding, "There was a gradual spread of buyer hesitation centered on short-term price surges."

In the Gangbuk area, Yongsan-gu (0.22%) rose mainly in areas near Ichon-dong and Hangang-ro station complexes, Gwangjin-gu (0.22%) increased primarily in small to medium-sized complexes in Gwangjang and Jayang-dong, Mapo-gu (0.21%) rose mainly in relatively new complexes in Gongdeok and Yonggang-dong, Seongbuk-gu (0.16%) increased around Gireum and Hawolgok-dong, and Seongdong-gu (0.15%) rose mainly in Seongsu and Eungbong-dong.

In the Gangnam area, Seocho-gu (0.32%) increased mainly in Banpo and Jamwon-dong, Songpa-gu (0.28%) rose around major complexes in Munjeong and Jamsil-dong, Gangnam-gu (0.22%) increased mainly in redevelopment complexes in Gaepo and Apgujeong-dong, and Yeongdeungpo-gu (0.19%) rose primarily in large complexes in Daerim and Yangpyeong-dong.

In Gyeonggi Province, Icheon-si (-0.09%) declined mainly in Songjeong-dong and Bubal-eup due to continued inventory accumulation, and Pyeongtaek-si (-0.06%) fell mainly in Anjung and Cheongbuk-eup. However, Bundang-gu in Seongnam-si (0.37%) rose mainly in major complexes in Yatap and Imae-dong, Gwangmyeong-si (0.22%) increased primarily in relatively new complexes in Gwangmyeong and Cheolsan-dong, Gwacheon-si (0.21%) rose mainly in Burim and Jungang-dong, Suwon's Yeongtong-gu (0.21%) increased mainly in small to medium-sized complexes in Yeongtong and Maetan-dong, and Seongnam's Sujeong-gu (0.20%) showed an upward trend in Changgok and Dandae-dong, which have favorable residential conditions.

In Incheon (0.10% → 0.06%), the rate of increase also narrowed. Dong-gu (0.14%) rose mainly in major complexes in Songhyeon and Songnim-dong, Seo-gu (0.12%) in Dangha and Majon-dong, Gyeyang-gu (0.08%) in Oryu and Jakjeon-dong, Michuhol-gu (0.07%) in relatively new complexes in Hagik and Yonghyeon-dong, and Namdong-gu (0.04%) mainly in Ganseok and Mansu-dong.

The nationwide weekly apartment jeonse prices saw a reduced rate of increase compared to last week (0.08%). The increase narrowed in the Seoul metropolitan area (0.17% → 0.12%) and Seoul (0.17% → 0.12%). Jeonse price increases also slowed in Incheon (0.26% → 0.19%) and Gyeonggi (0.15% → 0.10%). The provinces remained stable (0.00% → 0.00%).

A Korea Real Estate Board official stated, "In Seoul, the shortage of listings continues mainly in tenant-preferred complexes, sustaining price increases," but added, "However, the overall rate of increase in Seoul has decreased due to the burden from rising jeonse prices and price adjustments in some complexes."

In the Gangbuk area, Nowon-gu (0.18%) rose mainly around stations in Junggye and Wolgye-dong, Jung-gu (0.17%) increased in large complexes in Sindang and Heungin-dong, Eunpyeong-gu (0.17%) rose mainly in major complexes in Jingwan and Eungam-dong, Seongbuk-gu (0.15%) increased mainly in small to medium-sized complexes in Gireum and Jeongneung-dong, and Yongsan-gu (0.14%) saw jeonse price increases in Munbae and Ichon-dong.

In the Gangnam area, Yeongdeungpo-gu (0.19%) rose in older complexes in Yeouido and Singil-dong, Gangnam-gu (0.18%) increased mainly in major complexes in Gaepo and Daechi-dong, Seocho-gu (0.17%) rose in new complexes in Jamwon and Banpo-dong, Yangcheon-gu (0.13%) increased in Mok and Sinwol-dong, and Gangseo-gu (0.11%) saw jeonse price increases in station areas and older apartments in Deungchon and Gayang-dong.