Pace of Apartment Price Decline Slows in Gwangju and Jeonnam

Gwangju -0.03%, Jeonnam -0.05% in the First Week of August
Jeonse Prices: Gwangju +0.01%, Jeonnam -0.04%

Although apartment sale prices in Gwangju and Jeonnam continue to decline, the rate of decline has slowed.

According to the weekly apartment price trend for the first week of August, announced by the Korea Real Estate Board on August 7, Gwangju recorded a change rate of -0.03%, while Jeonnam posted -0.05%.

Apartment Sale Price Index Change Rate by Province. Provided by Korea Real Estate Board, Yonhap News Agency

In Gwangju, apartment sale prices have been falling since the end of last year, and the weekly decline rate had remained between -0.05% and -0.10% since this spring. However, the rate of decline has recently eased, with -0.03% in the second week of July, -0.05% in the third week, and -0.02% in the fourth week. By district, the decline was mainly centered on older apartments in Nam-gu and Seo-gu, while Buk-gu saw the smallest change.

In Jeonnam, the rate of decline was significant at -0.11% in the third week of May, but has since continued to decrease, with -0.03% in the third week of July and -0.05% in the fourth week. As of the first week of August, Mokpo rose by 0.02%, and Muan remained unchanged. Yeosu (-0.11%) and Suncheon (-0.07%) continued to decline.

Jeonse prices showed regional differences. Gwangju saw a slight increase of 0.01% compared to the fourth week of July, while Jeonnam fell by -0.04%. In Gwangju, jeonse prices had been declining since April but turned stable from the second week of July. In Jeonnam, prices remained stable until June but began to decline again in August.