Nationwide Apartment Prices Up 0.08%
Downward Trend Prevails in Provinces
Apartment prices in Seoul have risen slightly compared to the previous week, marking a three-week streak of increases. With the first housing supply policy announcement by the Lee Jaemyung administration imminent, attention is focused on whether this will affect the upward trend in home prices in Seoul and the greater metropolitan area.
According to Real Estate R114 on September 6, apartment sale prices nationwide in the first week of this month rose by 0.08% compared to the previous week.
By region, Seoul led the nationwide increase with a 0.19% rise. Apartment prices in Seoul have been on the rise for three consecutive weeks since the fourth week of last month. In contrast, Gyeonggi Province and Incheon saw only a 0.02% increase compared to the previous week.
In the provinces, the five major metropolitan cities and other regions declined by 0.02% and 0.04% respectively, showing a trend opposite to that of the greater metropolitan area. Of the 17 cities and provinces nationwide, prices rose in four, remained flat in two, and fell in eleven, indicating that declines were more prevalent.
The upward trend in jeonse prices was particularly notable. Of the 17 cities and provinces nationwide, jeonse prices increased in 13 regions compared to the previous week, remained flat in one, and decreased in three.
By individual region, Seoul (0.13%), Daejeon (0.08%), Gyeonggi Province (0.06%), and Busan (0.05%) saw increases, while Jeju (-0.23%), North Chungcheong Province (-0.04%), and North Gyeongsang Province (-0.02%) experienced declines.
With more than two months having passed since the June 27 lending regulations were implemented and the Lee Jaemyung administration's first supply policy announcement approaching, the impact on the market is drawing keen attention. A representative from Real Estate R114 stated, "The previous administration had difficulty faithfully implementing its planned measures due to surging construction costs, safety issues, and resulting construction delays. The current administration's first supply policy must thoroughly include plans that can meet the quantitative needs of demand groups and ensure that the process from approval to completion is carried out smoothly and effectively."
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