Apartment Prices in Yangcheon-gu, Seoul Also Decline... Downtrend After 9 Months

Decline Centered in Gangnam 3 Districts↑... Effect of 12·16
Stable Trend Due to New Supply in Gangdong-gu
Gyeonggi-do Rises 0.39%, Increasing Growth Rate

Apartment Complexes in Seoul City
Photo by Yonhap News

[Asia Economy Reporter Moon Jiwon] While the decline in apartment prices is widening mainly in Seoul's Gangnam 3 districts (Gangnam, Seocho, Songpa), Yangcheon-gu has also turned to a downward trend after 9 months.

According to the '2nd week of February Weekly Apartment Price Trend' data from the Korea Real Estate Board on the 13th, apartment prices in Yangcheon-gu, Seoul, fell by 0.01% compared to the previous week, marking a downward trend for the first time in 37 weeks since May last year. The Korea Real Estate Board analyzed, "It appears to have turned downward due to new move-ins and fatigue from price increases."

Seoul showed a 0.01% increase compared to the previous week, maintaining the same rate of increase as last week, while Gangnam-gu (-0.05%), Seocho-gu (-0.06%), and Songpa-gu (-0.06%) expanded their decline for the fourth consecutive week. The decline seems to have deepened due to the continued downward trend mainly in redevelopment complexes and the accumulation of new properties that had maintained a stable trend.

Gangdong-gu (0.00%) shifted to a stable trend due to the influence of new move-in volumes. On the other hand, Guro-gu (0.04%) and Geumcheon-gu (0.01%), which had relatively low increases, continued their upward trend.

North of the Han River, Nowon-gu (0.09%) saw price increases mainly in small or low-priced complexes, and Dobong-gu (0.06%) experienced price rises centered on the Changdong station area projects (GTX, Seoul Arena). In particular, Nowon-gu showed an expanding price increase for three consecutive weeks despite the real estate market freezing due to the December 16 measures. Dongdaemun-gu (0.06%) also saw price increases mainly in older complexes in Dapsimni and Imun-dong, expanding the rate of increase compared to the previous week.

Seoul's jeonse (long-term lease) prices rose by 0.05% compared to the previous week, maintaining the same rate of increase as last week. The Korea Real Estate Board analyzed, "Due to the shortage of listings caused by subscription waiting demand and relocation demand from redevelopment projects, prices rose mainly in areas with good accessibility such as station areas or relatively affordable complexes."

Seocho-gu (0.11%) saw jeonse price increases mainly in Seocho and Umyeon-dong, Songpa-gu (0.08%) in older complexes in Bangi and Munjeong-dong, and Gangnam-gu (0.04%) in Apgujeong and Samseong-dong. Gangdong-gu (-0.02%) continued its decline due to new move-ins such as Godeok Arteon but with a reduced rate. Dongjak-gu (0.08%) saw price increases mainly in station area complexes in Sangdo and Sadang-dong, and Yeongdeungpo-gu (0.03%) in older complexes in Mullae and Singil-dong.

Meanwhile, Gyeonggi Province saw apartment prices rise by 0.39% compared to the previous week, expanding the rate of increase. This is analyzed as a continuing 'balloon effect' after the December 16 measures. Suwon's Gwonseon-gu (2.54%) saw price jumps mainly in Geumgok and Homaesil-dong, which have transportation benefits; Yeongtong-gu (2.24%) mainly around Gwanggyo Jungang and Mangpo Station areas; and Paldal-gu (2.15%) mainly near Maegyo Station (Paldal 8 District) and Hwaseo Station complexes.

Yongin Suji-gu (1.05%) saw an expanded rate of increase mainly in complexes near Seongbok Station and Pungdeokcheon-dong, and Giheung-gu (0.68%) around Yeongdeok-dong near Gwanggyo District and Seocheon-dong with transportation benefits (Indeokwon Line).

By city and province, sales prices rose in Sejong (0.71%), Gyeonggi (0.39%), Daejeon (0.31%), Ulsan (0.13%), Incheon (0.11%), Chungbuk (0.07%), and Daegu (0.03%), remained stable in Jeonnam (0.00%) and Chungnam (0.00%), and declined in Gyeongbuk (-0.06%) and Jeju (-0.04%).

This content was produced with the assistance of AI translation services.