Weekly Apartment Market Trends in the Second Week of February
Nationwide Sales Prices Rise by 0.01%
Only the Five Major Metropolitan Cities See a 0.01% Decline
In the second week of February, apartment sale prices in Seoul rose by 0.04%. With the lifting of land transaction permit zones in the Jamsil, Samsung, Daechi, and Cheongdam-dong areas of Seoul, it is expected that sales transactions in these areas will become more active.
A flyer for sale and jeonse listings is posted at a real estate agency in Gangnam, Seoul. Photo by Kang Jin-hyung
According to Real Estate R114 on the 15th, nationwide apartment sale prices in February increased by 0.01%. The metropolitan area rose by 0.02%, while the Gyeonggi and Incheon regions excluding Seoul remained flat (0.00%). In the provinces, the five major metropolitan cities fell by 0.01%, and other provincial areas rose by 0.02%.
The regions with the largest increase in sale prices this week are △Chungbuk (0.06%) △Chungnam (0.05%) △Jeonbuk (0.05%) △Seoul (0.04%) △Gyeongbuk (0.04%) △Ulsan (0.04%) in order.
The nationwide monthly change rate for January recorded -0.18%. After turning to a decline in December last year, the downward trend continued for two consecutive months.
The jeonse market recorded flat (0.00%) prices in most regions nationwide. Nationwide apartment jeonse prices remained flat (0.00%), with no significant price movements in Seoul, the metropolitan area, Gyeonggi·Incheon, the five major metropolitan cities, or other provinces.
Among the 17 cities and provinces nationwide, Incheon (0.01%) and Busan (0.01%) saw increases, while the remaining 15 recorded flat prices. The nationwide monthly jeonse price change rate for January was 0.02%, continuing an 18-month consecutive upward trend.
On the 12th, Seoul City announced the lifting of land transaction permit zones in the International Exchange Complex District (Jamsil, Samsung, Daechi, Cheongdam-dong) excluding reconstruction complexes. Centered on the lifted areas, asking prices are rising, and with the immediate removal of the two-year residency restriction for buyers, previously subdued sales transactions are expected to become active.
Yoon Ji-hae, chief researcher at Real Estate R114, explained, "While the lifting of the land transaction permit system increases the number of potential buyers, the simultaneous increase in listings from sellers means that buyers may be reluctant to readily agree to contracts at asking prices that have suddenly jumped by hundreds of millions of won."
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