KB: Seoul Apartment Price Growth Slows for 2nd Month, but Housing Price Outlook Rises

According to KB Kookmin Bank statistics, although the rate of increase in apartment prices in Seoul has slowed for two consecutive months, the housing sales price outlook index has risen.

Yonhap News Agency

According to the nationwide housing price trend data for January released by KB Real Estate on the 25th, based on a survey conducted on the 12th, Seoul apartment sale prices rose by 0.87% this month, marking the 20th consecutive month of increases.

Apartment prices in Seoul had climbed as high as 1.72% in November last year, but the rate of increase slowed to 1.06% in December and further moderated for two consecutive months.

However, by district, this month Gwanak-gu (1.56%), Dongjak-gu (1.23%), Gangdong-gu, Songpa-gu, and Mapo-gu (each 1.21%), Dongdaemun-gu (1.15%), and Seodaemun-gu (1.07%) all recorded monthly increases of over 1%.

Outside of Seoul, in the greater metropolitan area, apartment prices in Gyeonggi Province and Incheon City rose by 0.36% and 0.04%, respectively, marking eight and three consecutive months of increases for each region.

In Gyeonggi Province, the regulated areas of Bundang-gu in Seongnam (1.87%), Gwangmyeong (1.73%), Suji-gu in Yongin (1.52%), Hanam (1.49%), Dongan-gu in Anyang (1.42%), Jungwon-gu (1.12%) and Sujeong-gu (1.00%) in Seongnam all saw increases of over 1% this month.

Nationwide, apartment prices rose by 0.25%, while in the greater metropolitan area the increase was 0.47%. In the five major metropolitan cities (Gwangju, Daejeon, Daegu, Ulsan, and Busan), the increase was 0.05%, and in other provincial regions (eight provincial areas), the rate was 0.03%.

Additionally, apartment jeonse (long-term lease) prices rose by 0.32% nationwide this month, by 0.41% in the greater metropolitan area, by 0.34% in the five major metropolitan cities, and by 0.16% in other provincial regions.

In the greater metropolitan area, the increase in apartment jeonse prices was highest in Seoul (0.47%), followed by Gyeonggi Province (0.41%) and Incheon (0.25%). Among provincial regions, Sejong recorded the highest jeonse price increase at 1.21%.

Including single-family, multi-family, multiplex, and row houses, the nationwide housing sales prices and jeonse prices rose by 0.19% and 0.24%, respectively, this month.

This month, the nationwide housing sales price outlook index and jeonse price outlook index stood at 107.5 and 115.9, respectively, up by 1.9 points and 0.5 points from the previous month. The outlook for price increases remains dominant.

Seoul's housing sales price outlook index for this month was 124.7, up 7.6 points from last month (117.1).

The Seoul index had dropped by 16.6 points in November last year (107.8), but has now risen for two consecutive months, returning to the level seen in October last year (124.4), when the October 15 housing market stabilization measures were announced.