Seoul Apartment Price Growth Slows Slightly in First Week of January... Gwanak and Mapo Districts Lead Gains [Real Estate AtoZ]

Seoul Sale Price Change Rate at 0.20%
Growth Slows Compared to Previous Two Weeks
Gwanak 0.53%, Mapo 0.39%, and Others Lead Gains
Gyeonggi Up 0.10%, Marking 21 Consecutive Weeks of Increases
Anyang Dongan (0.58%), Hanam (0.56%) Follow

In the first week of January, the apartment sale price growth rate in Seoul slightly decreased, recording 0.20%. Demand for apartment purchases increased for the fourth consecutive week.

According to the Weekly KB Apartment Market Trend released by KB Kookmin Bank KB Real Estate on January 11, the nationwide apartment price change rate, based on the previous survey (as of December 29 last year), showed a 0.06% increase for sales and a 0.07% increase for jeonse (long-term lease). Nationwide apartment sale prices have risen for 19 consecutive weeks.

Yonhap News Agency

In the Seoul metropolitan area (0.11%), apartment sale prices increased by 0.20% in Seoul, 0.10% in Gyeonggi Province, and 0.01% in Incheon.

Among the five major metropolitan cities (0.01%), apartment prices rose in Ulsan (0.06%), Busan (0.02%), and Daejeon (0.02%), while Daegu (-0.01%) and Gwangju (-0.03%) saw declines. Daegu had shown an upward trend for six weeks since the last week of November but turned downward in the first week of January.

The nationwide buyer's sentiment index reached 44.6, up 2.5 points from the previous week. Since the October 15 housing market stabilization measures, a wait-and-see attitude has persisted, resulting in only weak inflows of purchasing demand.

Seoul Sale Prices Up 0.20% in First Week of January, Gwanak District Leads with 0.53% Increase

In Seoul, the growth rate slightly decreased compared to the previous week, which was the last week of December last year (0.22%). The fourth and last weeks of December recorded 0.21% and 0.22%, respectively, marking two weeks of accelerated growth before slowing down again. Seoul has maintained an upward trend in sale prices for 49 consecutive weeks.

By district, Gwanak (0.53%), Mapo (0.39%), Dongdaemun (0.38%), Gangdong (0.38%), and Gwangjin (0.29%) saw larger increases than the previous week, driving the overall upward trend in Seoul.

In the case of Gwanak District, prices rose by 0.58% immediately after the announcement of the October 15 housing market stabilization measures last year, but the upward trend then slowed. However, since the last week of December, the rate of increase has expanded again, resulting in the highest growth rate in Seoul in the first week of January this year.

The buyer's sentiment index in Seoul rose by 3.6 points from the previous week to 86.1, marking four consecutive weeks of increases. By region, the 14 districts of Gangbuk recorded 84.0 (up 0.9 points), and the 11 districts of Gangnam recorded 88.0 (up 6.0 points) compared to the previous week. The increase in purchasing demand was particularly notable in the Gangnam area.

Gyeonggi Province Records 21 Consecutive Weeks of Increases... Anyang Dongan District and Hanam City Lead

The apartment sale price change rate in Gyeonggi Province was 0.10%, marking the 21st consecutive week of increases. The sale price change rate for the first week of January showed a slight upward trend over the past three weeks (0.07%→0.09%→0.10%).

By region, Anyang Dongan District (0.58%), Hanam City (0.56%), Seongnam Jungwon District (0.48%), and Seongnam Bundang District (0.39%) saw increases. In contrast, Icheon City (-0.11%), Bucheon Sosa District (-0.04%), and Paju City (-0.04%) experienced declines.

In Anyang Dongan District, although the overall transaction volume has not been high since it was designated as a land transaction permit zone, transactions of new large apartment complexes have been relatively active. Prices have risen, especially in leading redevelopment complexes in Pyeongchon New Town, resulting in a strong market.

Incheon (0.01%) continued its upward trend for the second consecutive week. Yeonsu District (0.03%), Namdong District (0.02%), and Bupyeong District (0.01%) saw increases, while Michuhol District (0.00%), Seo District (0.00%), and Jung District (0.00%) remained flat. Dong District (-0.02%) and Gyeyang District (-0.02%) declined.

Nationwide Jeonse Prices Also Rise Moderately

The nationwide apartment jeonse price change rate was 0.07%, the same as the previous week. In the metropolitan area (0.10%), apartment jeonse prices increased by 0.12% in Seoul, 0.10% in Gyeonggi Province, and 0.07% in Incheon.

In Seoul (0.12%), apartment jeonse prices have risen for 47 consecutive weeks. By district, Nowon (0.33%), Gwangjin (0.25%), Dongdaemun (0.23%), Mapo (0.22%), and Dobong (0.21%) led the increases, with the upward trend in jeonse prices particularly notable in the Gangbuk area. At the start of the year, the overall jeonse market in Seoul has been relatively quiet, but prices remain strong in districts like Nowon and Gwangjin, which have high demand due to school districts.

In Gyeonggi Province (0.10%), apartment jeonse prices have increased for 49 consecutive weeks. Anyang Dongan District (0.55%), Seongnam Jungwon District (0.38%), Guri City (0.36%), and Yongin Suji District (0.34%) saw increases. In contrast, Gwacheon City (-0.51%), Bucheon Sosa District (-0.09%), and Siheung City (-0.05%) experienced declines. In Anyang Dongan District, as sale prices have risen, jeonse prices have also increased. Due to a shortage of jeonse properties, contracts are being signed as soon as new listings appear.

Incheon (0.07%) has maintained an upward trend for 14 consecutive weeks, with the rate of increase slightly higher than the previous week. By district, Seo (0.15%), Gyeyang (0.12%), Yeonsu (0.08%), Jung (0.05%), Michuhol (0.04%), Bupyeong (0.04%), and Namdong (0.01%) saw increases, while only Dong District (0.00%) remained flat.

Among the five major metropolitan cities (0.06%), all saw increases: Busan (0.10%), Daegu (0.06%), Ulsan (0.05%), Gwangju (0.04%), and Daejeon (0.03%). Daegu and Gwangju saw slightly larger increases compared to the previous week, while Busan and Ulsan maintained the same growth rate as last week. Daejeon's growth rate slightly slowed.

In other regions (0.03%), Chungnam (0.05%), Gyeongnam (0.04%), and Jeonnam (0.03%) saw increases, while Chungbuk (0.00%) and Jeonbuk (0.00%) remained flat. Gyeongbuk (-0.03%) and Gangwon (-0.04%) experienced declines.