Seoul Apartment Sale Price Growth Slows to 0.14% in Fourth Week of April
Jeonse Prices Rise in 16 Out of 17 Cities and Provinces
One month after Seoul designated the three Gangnam districts and Yongsan District as Land Transaction Permission Zones, the increase in Seoul apartment sale prices has slowed compared to the previous week.
According to Real Estate R114 on April 26, nationwide apartment sale prices in the fourth week of this month rose by 0.03% compared to the previous week. In Seoul, apartment sale prices increased by 0.14%, leading the price rise in the Seoul metropolitan area (0.07%). However, this increase was smaller than the previous week's 0.23% rise.
Excluding Seoul, apartment sale prices in Gyeonggi and Incheon fell by 0.01% compared to the previous week. The five major metropolitan cities recorded a decrease of 0.07%, and other regions showed a decline of 0.08%, highlighting a pronounced weakness in areas outside of Seoul. Out of the 17 cities and provinces nationwide, prices rose in four and fell in thirteen, with declining regions outnumbering those with increases.
In particular, while the three Gangnam districts and Yongsan District continued to see rising sale prices after the expansion of the Land Transaction Permission Zone designation, the rate of increase has somewhat slowed. As sellers have been observed withdrawing their listings, market activity has also entered a lull.
A Real Estate R114 official explained, "In the field, there have been occasional purchase inquiries for units under 84 square meters in Gangnam and Songpa Districts, but it has been difficult to close deals, resulting in a subdued market. Homeowners have been more likely to withdraw their listings rather than lower their asking prices or rush to sell."
Looking at price trends by region, Sejong (0.30%) and Seoul (0.14%) saw increases of more than 0.1%, while Jeonbuk (-0.32%), Gangwon (-0.18%), Chungbuk (-0.16%), Gyeongnam (-0.15%), and Gyeongbuk (-0.13%) recorded declines.
Jeonse prices showed an upward trend in most major regions nationwide. In the fourth week of April, nationwide apartment jeonse prices rose by 0.26% compared to the previous week. Seoul saw an increase of 0.30%, the Seoul metropolitan area 0.28%, Gyeonggi and Incheon 0.26%, the five major metropolitan cities 0.23%, and other regions 0.15%. Jeonse prices increased in 16 out of 17 cities and provinces nationwide, with only Jeju recording a decrease of 0.13%.
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