Gwangju Apartment Prices Fall in September... South Jeolla Sees Weakness in Both Sales and Rentals

Gwangju Sales Down 0.07%, Jeonse and Monthly Rent Rise
South Jeolla Sales Down 0.10%, Jeonse Down 0.09%

The trends in apartment prices for September diverged between Gwangju and South Jeolla Province. In Gwangju, sales prices declined, but the rental market saw an increase, while in South Jeolla Province, both sales and rental prices weakened.

A real estate agency in downtown Gwangju. Photo by Song Bohyun

According to the "September National Housing Price Trend Survey" released by the Korea Real Estate Board on October 15, the housing sales price index in Gwangju fell by 0.07% compared to the previous month and was down 1.85% compared to the same month last year.

In contrast, the rental market showed an upward trend. The jeonse price index rose by 0.07% from the previous month, and the integrated rental price index, which includes monthly rent, also increased by 0.12%. Compared to the same month last year, the jeonse price rose by 0.32%, and the monthly rent increased by 1.28%. The Korea Real Estate Board explained, "In Gwangju, demand for rentals continued, particularly in large complexes in Seo-gu and new developments in Nam-gu, leading to an increase in monthly rents."

In South Jeolla Province, both sales and rental prices continued to weaken. The housing sales price index dropped by 0.10% from the previous month and fell by 0.89% compared to the same month last year.

The jeonse price index also declined by 0.09% from the previous month and decreased by 0.68% year-on-year. The integrated monthly rent price index dropped by 0.04% from the previous month, and the year-on-year increase was limited to just 0.10%.

During the same period, the national housing sales price index rose by 0.09%, contrasting with the declines in Gwangju and South Jeolla Province. The national jeonse price index increased by 0.10%, while Gwangju saw a 0.07% rise and South Jeolla Province experienced a 0.09% decline. The integrated monthly rent price index for the nation increased by 0.13%, similar to Gwangju's 0.12% rise, but South Jeolla Province saw a 0.04% decrease.