Weekly Apartment Market in the First Week of March
Nationwide Sale Prices Rise by 0.12%
Jeonse Market Remains Stable
In the first week of March, apartment sale prices rose by 0.25%, driving the upward trend in the Seoul metropolitan area.
According to Real Estate R114 on the 8th, nationwide apartment sale prices in the first week of March increased by 0.12% compared to the previous week. The Seoul metropolitan area rose by 0.15%, while the Gyeonggi and Incheon areas excluding Seoul increased by 0.03%. In the provinces, the five major metropolitan cities rose by 0.07%, whereas other provincial areas declined by 0.03%.
The regions with the largest increase in sale prices in the first week of March were △Ulsan (0.36%) △Seoul (0.25%) △Busan (0.22%) in that order.
Apartment sale and jeonse prices are posted on real estate in Mapo-gu, Seoul. Photo by Kang Jin-hyung
The jeonse market remained stable (0.00%) in most regions nationwide. Seoul, the metropolitan area, Gyeonggi·Incheon, the five major metropolitan cities, and other provinces showed no significant price movements.
Among the 17 cities and provinces nationwide, Incheon (0.01%) and Sejong (0.01%) saw slight increases, 14 areas remained stable, and one area showed a decline. The monthly nationwide jeonse price change rate for February recorded 0.05%, continuing a 19-month consecutive upward trend.
It is analyzed that factors such as the easing of the base interest rate and the lifting of land transaction permission zones are stimulating previously subdued buyer sentiment. Yoon Ji-hae, chief researcher at Real Estate R114, stated, "Considering the remaining reporting period, the number of apartment transactions in Seoul in February could reach between 4,000 and 5,000, which is expected to be the highest transaction volume in half a year."
There is also a forecast that the recent price increase trend centered on the three Gangnam districts could spread to neighboring areas. Chief researcher Yoon Ji-hae said, "Recent official transaction price statistics from the Ministry of Land, Infrastructure and Transport confirm many records surpassing the highest prices from 2021 to 2022, mainly in the Gangnam area of Seoul and Mayongseong (Mapo, Yongsan, Seongdong). It is expected that in March, the seasonal peak period, warmth will spread to the Han River belt and surrounding areas."
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