Seoul Sale Price Gains Expand for Third Week... Gangdong, Dongjak, Seongdong Rise Over 0.4% [Real Estate AtoZ]

Seoul Apartment Prices Up 0.18%, Growth Accelerates
Gangdong-gu 0.46%, Dongjak-gu 0.44%, Seongdong-gu 0.43%
Nationwide Sale Price Up 0.03%, Greater Seoul Area 0.08% ↑
Seoul Buyer’s Sentiment Index at 60.5, Up 2.2 Points from Last Week

The increase in Seoul apartment sale prices has expanded for the third consecutive week. As of the second week of September, prices rose by 0.18%, marking a 33-week streak of gains. The price increase was particularly notable in Seongdong-gu and Mapo-gu, where the possibility of being designated as land transaction permit zones has been discussed.

According to KB Real Estate's Weekly KB Apartment Market Trends for the second week of September, as of September 8, Seoul apartment sale prices rose by 0.18%, a larger increase than two weeks ago (0.14%) and last week (0.17%). The nationwide apartment sale price change rate was 0.03%, recording a third consecutive week of increases, with the rate unchanged from the previous week.

Seoul Apartment Price Rally Continues Even After Supply Measures Announced

The upward trend in Seoul apartment sale prices has persisted even after the government's supply measures were announced. By region, Gangdong-gu (0.46%), Dongjak-gu (0.44%), Seongdong-gu (0.43%), Mapo-gu (0.34%), and Songpa-gu (0.33%) saw increases. In areas with the highest growth rates, the increase was larger than the previous week, while the regulated districts of Gangnam-gu, Seocho-gu, and Yongsan-gu saw their growth rates slow slightly.

In Gangdong-gu, prices rose mainly in redevelopment complexes in the Dunchon and Myeongil-dong areas. In Dongjak-gu, small and mid-sized apartment prices were strong, especially in Dongjak-dong and Sadang-dong. In Seongdong-gu, prices increased mainly in complexes near subway line 5 stations in the Kumho and Haengdang-dong areas.

The Seoul Buyer-Seller Index stood at 60.5, up 2.2 points from last week (58.3), marking a slight increase for the third consecutive week. The 14 districts in northern Seoul recorded 53.1, while the 11 districts in southern Seoul recorded 67.2, up 2.7 points and 1.8 points from the previous week, respectively. Southern Seoul has seen a revival in buying sentiment for three consecutive weeks.

Gyeonggi Province Up for 5 Weeks Straight, Seongnam and Gwangmyeong Lead

Apartment sale prices in Gyeonggi Province rose by 0.04% compared to the previous week, marking the fifth consecutive week of increasing gains. By region, Bundang-gu in Seongnam (0.39%), Gwangmyeong (0.33%), Dongan-gu in Anyang (0.25%), and Sujeong-gu in Seongnam (0.24%) saw increases. In contrast, Anseong (-0.13%), Icheon (-0.12%), and Pyeongtaek (-0.08%) recorded declines.

In Bundang-gu, Seongnam, despite a wait-and-see sentiment following loan regulations, prices remained strong, especially in leading first-generation new town complexes, and even older apartments saw price increases. In Gwangmyeong, transactions of small apartments remained steady, and prices have been rising as the redevelopment and maintenance projects for Jugong Apartments in Cheolsan-dong and Haan-dong have gained momentum.

Incheon (0.00%) remained flat for the second consecutive week. Bupyeong-gu (0.02%), Michuhol-gu (0.01%), Namdong-gu (0.01%), and Yeonsu-gu (0.01%) saw increases, Dong-gu (0.00%) was unchanged, while Gyeyang-gu (-0.02%), Jung-gu (-0.01%), and Seo-gu (-0.01%) declined.

The Greater Seoul area Buyer-Seller Index (41.7) also showed regional variation. Gyeonggi Province (34.9) rose by 1.1 points from the previous week, but Incheon (29.6) fell by 0.5 points. Even within the metropolitan area, the inflow of buyers fluctuated slightly by region, showing a localized pattern.

Excluding Incheon, the five major metropolitan cities (-0.03%) saw a decline in sale price change rates. Ulsan (0.03%) recorded its 27th consecutive week of increases. Gwangju (-0.03%), Busan (-0.04%), Daejeon (-0.04%), and Daegu (-0.06%) posted declines. Other regions (-0.01%) continued to decline for the ninth consecutive week. By region, Jeonnam (0.03%) rose, Jeonbuk (0.00%) and Gangwon (0.00%) were flat, while Chungbuk (-0.01%), Gyeongnam (-0.01%), Chungnam (-0.02%), and Gyeongbuk (-0.03%) fell.

The nationwide Buyer-Seller Index was 34.5, up 0.4 points from last week (34.1). Amid continued wait-and-see sentiment following the June 27 loan regulations, localized inflows of buyers have led to three consecutive weeks of increases. Among the five major metropolitan cities (22.1), Ulsan (48.7) rose by 5.7 points from the previous week, the highest among them. Daejeon (25.7), Daegu (20.1), Busan (18.9), and Gwangju (10.8) all remained well below the baseline of 100.

Jeonse Prices Continue to Rise... Five Major Cities Up for Second Week

Nationwide apartment jeonse (long-term lease) prices have risen for 27 consecutive weeks. In the second week of September, the nationwide jeonse price change rate was 0.03%, while the Greater Seoul area recorded 0.05%. Seoul (0.10%), Gyeonggi Province (0.04%), and Incheon (0.01%) all saw increases. The five major metropolitan cities (0.02%) and other regions (0.02%) also rose for the second consecutive week.

Seoul apartment jeonse prices have risen for 31 consecutive weeks, with Gwangjin-gu (0.34%), Songpa-gu (0.29%), Gangdong-gu (0.20%), Yongsan-gu (0.20%), and Gangnam-gu (0.17%) all recording increases. Jung-gu (0.00%) and Gangbuk-gu (0.00%) were unchanged, while Seocho-gu (-0.01%) declined. In Gwangjin-gu, jeonse prices are on the rise, especially in preferred complexes along the Han River in Gwangjang-dong and Guui-dong.

Gyeonggi Province apartment jeonse prices rose by 0.04% from the previous week, marking the 33rd consecutive week of increases. Cheoin-gu in Yongin (0.34%), Gwangmyeong (0.28%), Hanam (0.26%), and Gwangju (0.20%) saw increases, while Pyeongtaek (-0.06%), Ilsanseo-gu in Goyang (-0.06%), and Anseong (-0.06%) declined. Incheon (0.01%) has risen for four consecutive weeks, though the rate of increase slowed slightly compared to last week.

Among the five major metropolitan cities, jeonse prices rose in Ulsan (0.04%), Busan (0.03%), Gwangju (0.02%), and Daegu (0.01%), while Daejeon (-0.01%) declined. In other regions, Gyeongnam (0.03%), Chungbuk (0.02%), Jeonbuk (0.02%), Chungnam (0.01%), and Jeonnam (0.01%) rose, while Gyeongbuk (0.00%) remained flat and Gangwon (-0.01%) declined.