Seoul Housing Prices Rose Further This Week... Gyeonggi, Incheon, and Sejong Also 'Soaring'

Seoul Apartment Sale and Jeonse Prices Rise Together
Impact of 6·17 Real Estate Measures Not Reflected

(Photo by Yonhap News)

[Asia Economy Reporter Moon Jiwon] The pace of apartment price increases in Seoul is accelerating. As real estate buying demand recovers due to successive development benefits, most districts in both Gangnam and Gangbuk have seen an expansion in their rate of increase. Outside Seoul, apartment prices are also rising sharply in Gyeonggi Province, Incheon, and Sejong. However, this statistic was surveyed before the 'June 17 Real Estate Measures,' so future statistics may differ somewhat.

According to the 'Weekly Apartment Price Trend for the 3rd Week of June' released by the Korea Real Estate Board on the 18th, Seoul apartment prices rose 0.07% as of the 15th, up from 0.02% the previous week, showing an expanded rate of increase. In Seoul, prices shifted from negative (-) to stable on the 1st and then showed an upward trend for two consecutive weeks.

The Korea Real Estate Board analyzed, "With abundant liquidity due to interest rate cuts, buying demand has flowed mainly into areas with development and reconstruction benefits, expanding the rate of increase."

The groundbreaking of Hyundai Motor's Global Business Center (GBC), the Jamsil Sports and MICE (Meetings, Incentives, Conferences, and Exhibitions) private investment project, and the passing of the safety inspection for the Mokdong New Town 6·11 complex reconstruction are interpreted as factors driving up housing prices.

All four Gangnam districts (Gangnam, Seocho, Songpa, and Gangdong) saw an increase in their rate of price growth compared to the previous week. Songpa-gu (0.14%) rose mainly in areas with expectations for GBC and Jamsil MICE, while Gangnam-gu (0.11%) saw an expanded increase centered on popular complexes in Apgujeong and Daechi-dong. Seocho (0.10%) and Gangdong-gu (0.07%) turned to an upward trend as new and major complex listings were absorbed.

Yangcheon-gu (0.13%) saw listings withdrawn and asking prices rise after the safety inspection passed for the Mokdong 6·11 complex. Guro-gu (0.11%) rose mainly in mid-priced complexes near subway stations, and Yeongdeungpo-gu (0.09%) increased centered on Yeouido reconstruction complexes. Dongdaemun-gu (0.08%) expanded its rate of increase mainly in GTX station areas and low-priced complexes, while Mapo-gu (0.07%) continued its upward trend centered on major reconstruction and popular complexes.

(Photo by Yonhap News)

Seoul apartment jeonse (long-term lease) prices also rose 0.08% compared to 0.06% the previous week. Amid an overall shortage of listings due to a decrease in new supply and interest rate cuts, the rate of increase expanded as subscription waiting demand remained steady.

Mapo-gu (0.12%) rose mainly in complexes with good school districts in Gongdeok and Yeomni-dong and relatively low price levels, Nowon-gu (0.10%) increased mainly in subway station complexes in Wolgye and Gongneung-dong, and Yongsan-gu (0.08%) rose mainly in Ichon and Singye-dong.

The Gangnam 4 districts continued to experience a shortage of jeonse supply. Guro-gu (0.09%) saw jeonse prices rise mainly in subway station complexes in Sindorim and Guro-dong with good transportation access and proximity to workplaces, Geumcheon-gu (0.07%) rose mainly in Doksan and Gasan-dong, and Dongjak-gu (0.05%) increased mainly in Sindaebang and Heukseok-dong.

Apartment price growth rates in the metropolitan area, including Incheon and Gyeonggi Province, are also continuing to increase.

Incheon rose 0.26% compared to 0.21% the previous week. Bupyeong-gu (0.42%) increased mainly in Bugae and Samsan-dong areas affected by redevelopment projects and transportation benefits, Seo-gu (0.36%) rose mainly in new constructions in Cheongna District, Yeonsu-gu (0.28%) increased in Songdo and Yeonsu-dong, and Dong-gu (0.07%) rose mainly in subway station areas, expanding the rate of increase.

Gyeonggi Province rose 0.22% compared to 0.19% the previous week. The upward trend continued in Ansan City (0.44%), Hanam City (0.42%), and Guri City (0.40%), and Gwacheon City (0.04%) turned to an upward trend as new supply was absorbed. Suwon's Jangan (0.57%) and Paldal-gu (0.44%) rose due to transportation benefits and new sales. Sejong, where expectations for improved transportation conditions are high, also rose sharply by 0.98% compared to 0.62% the previous week.

Meanwhile, this week's Korea Real Estate Board survey was conducted from the 9th to the 15th. The impact of the government's 'Housing Market Stabilization Management Plan' announced the previous day to curb soaring housing prices was not reflected in this survey's results.

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