Seoul Jeonse Prices Rise for 67 Consecutive Weeks... Gangnam 4 Districts' Apartment Prices Remain Stable

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Apartments in Songpa-gu are observed from the Lotte World Tower Observatory in Songpa-gu, Seoul. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Moon Jiwon] Seoul apartment jeonse prices have continued to rise for 67 consecutive weeks.

According to the weekly apartment price trend survey for the first week of October released by the Korea Real Estate Board on the 8th, as of the 5th, Seoul apartment jeonse prices rose by 0.08%. Although the increase narrowed compared to the previous week (0.09%), the upward trend continued for 67 consecutive weeks.

In Seoul, Nowon-gu (0.12%) recorded the highest increase rate. The rise was particularly noticeable in mid- to low-priced complexes in Junggye-dong and Sanggye-dong, which have favorable educational environments. Seongbuk-gu (0.09%) saw increases mainly in the Gireum New Town area, and Mapo-gu (0.08%) experienced jeonse price rises mainly in the Dohwa and Gongdeok-dong station areas.

Among the Gangnam 4 districts, Gangdong-gu (0.10%) saw significant price increases mainly in Myeongil and Godeok-dong, which have good residential and educational environments. Gangnam-gu (0.09%) rose around Daechi, Dogok, and Gaepo-dong, Songpa-gu (0.08%) around Geoye and Munjeong-dong, and Seocho-gu (0.07%) centered on Naegok and Bangbae-dong.

Other autonomous districts such as Dongjak-gu (0.09%), Yangcheon-gu (0.07%), and Guro-gu (0.06%) also showed upward trends. Due to decreased transaction activity during the Chuseok holiday period, the rate of increase in jeonse prices somewhat narrowed.

In Gyeonggi Province, the jeonse price increase rate also slightly dropped from 0.19% to 0.17%.

Gwangmyeong-si (0.38%), Suwon Gwonseon-gu (0.30%), Ansan Danwon-gu (0.29%), Namyangju-si (0.28%), and Uijeongbu-si (0.28%) saw significant jeonse price increases mainly in complexes with good transportation and residential environments or mid- to low-priced areas. On the other hand, Paju-si (-0.04%) and Yeoju-si (-0.03%) continued to experience declines.

Sejong-si's increase rate slightly decreased from 1.43% last week to 1.39% this week but still showed a high upward trend. The Real Estate Board explained, "Amid the continued shortage of jeonse listings, the upward trend continued mainly in Jochiwon-eup and Goun, Dajeong, and Jongchon-dong areas."

(Photo by Yonhap News)

The sales market is caught between a correction phase and a rising market, continuing intense cautious observation without finding a clear direction.

The Seoul apartment sale price increase rate was 0.01%, maintaining the same rate for 7 consecutive weeks. Despite successive government real estate measures and the economic downturn caused by the COVID-19 pandemic weakening buyer sentiment, the market atmosphere has not easily shifted to a downward trend.

The apartment sale price change rates in the Gangnam 4 districts were all at 0%, showing a tight flat trend.

Gangnam-gu and Gangdong-gu, which had previously shown increases in the 0.01% range, dropped to 0.00% this week, turning flat. Accordingly, including Seocho-gu and Songpa-gu, the price change rates for the Gangnam 4 districts all became 0.00%.

Other autonomous districts also saw increase rates ranging from 0.00% to 0.02%. The Real Estate Board explained, "In the Gangnam 4 districts, the flat trend continues as cautious observation deepens mainly in high-priced complexes," adding, "Other areas are seeing slight increases mainly in mid- to low-priced complexes or small-sized units near stations."

The apartment sale price increase rate in Gyeonggi Province also slightly dropped from 0.10% last week to 0.09% this week.

Goyang-si Deogyang-gu (0.20%), Gwangmyeong-si (0.18%), Namyangju-si (0.17%), and Uijeongbu-si (0.17%) continued their upward trends, but the overall magnitude narrowed. Yeoju-si (-0.04%) continued its downward trend.

In Sejong-si, where house prices surged due to the administrative capital relocation issue, prices rose by 0.39%, also narrowing the increase compared to last week (0.42%).

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