This Week's Measures Announced, Jeonse Prices Rise↑..."Mid-Low Price Sales Transition Still Ongoing"

[Asia Economy Reporter Yuri Kim] The high-rise trend in apartment jeonse prices in the Seoul metropolitan area continues due to a shortage of jeonse listings. In particular, Seoul has seen a rise for 69 consecutive weeks, with all 25 autonomous districts increasing again this week. In the sales market, the atmosphere of jeonse demand turning into sales continued in outer Seoul areas such as Nowon, as well as in non-regulated areas of Gyeonggi Province including Gimpo, Goyang, Namyangju, and Gunpo.

According to Real Estate 114 on the 20th, apartment sales prices in Seoul rose 0.06% this week, maintaining the upward trend. Redevelopment apartments increased by 0.05%, and general apartments rose by 0.06%. In addition, Gyeonggi and Incheon rose by 0.10%, and new towns increased by 0.14%.

In Seoul, the increase was significant in Nowon, Gangseo, Jung-gu, where mid-to-low priced buying demand continued, as well as in Songpa and Yangcheon, where transaction volumes are insufficient. By region, the increases were as follows: Nowon (0.15%), Jung-gu (0.14%), Songpa (0.13%), Gangseo (0.11%), Yeongdeungpo (0.11%), Yangcheon (0.10%), Gangdong (0.09%), Yongsan (0.09%), and Eunpyeong (0.08%). In Nowon, the conversion of jeonse demand to sales led to price increases of 5 million to 25 million KRW in Sanggye-dong’s Sanggye Jugong Complex 10 (high-rise), Sanggye Jugong Complex 11, Wolgye-dong Wolgye Jugong Complex 2, and Junggye-dong Yangji Daerim Complex 2. In Jung-gu, large complexes led the price rise. Sindang-dong Namsan Town and Samsung increased by about 10 million KRW. In Songpa, Garak-dong Garak Kumho, Munjeong-dong Olympic Family Town, Songpa-dong Samsung Raemian, and Sincheon-dong Jamsil Parkrio rose by 10 million to 50 million KRW.

In new towns, buying demand continued in Gimpo Hangang New Town, a non-regulated area. By region, the increases were: Gimpo Hangang (0.28%), Ilsan (0.25%), Pyeongchon (0.24%), Dongtan (0.19%), Paju Unjeong (0.18%), Jungdong (0.13%), Gwanggyo (0.11%), and Sanbon (0.10%). In Gimpo Hangang, prices rose by 15 million to 20 million KRW in Janggi-dong Chodang Village Unam Firstville and Gochang Village KCC Switzen. In Ilsan, Madu-dong Baekma Complex 6 Byuksan, Ilsan-dong Hugok Complex 11 Jugong, and Juyeop-dong Gangseon Complex 14 Doosan increased by 10 million to 20 million KRW. In Pyeongchon, Pyeongchon-dong Chowon Daewon, Bisan-dong Eunhasu Cheonggu, and Gwanyang-dong Gongsang Jeil rose by 10 million to 20 million KRW.

In Gyeonggi and Incheon, prices rose in Gimpo (0.27%), Goyang (0.19%), Namyangju (0.18%), Gunpo (0.16%), Osan (0.16%), Anyang (0.15%), and Hwaseong (0.15%). In Gimpo, prices increased by 5 million to 15 million KRW in Bukbyeon-dong Youngpoong, Daerim, Janggi-dong Cheongsong Hyundai Hometown Complex 2 and 3, and Sau-dong Hyundai. In Goyang, Siksa-dong Dongmoon Good Morning Hill Complex 2, Deogi-dong High Park City Ilsan I-Park Complex 1, Ilsan-dong Ilsan Ssangyong, and Tanhyeon-dong Keunmaeul Hyundai Daerim rose by 10 million to 15 million KRW. In Namyangju, Pyeongnae-dong Pyeongnae Village Kumho Eoullim, Byeollae-myeon Cheonghak Jugong Complex 3, Dasan-dong Donong Centreville, and Wabu-eup Hangang Woosung increased by 10 million to 15 million KRW.

The jeonse market in the metropolitan area continues to experience a shortage of jeonse listings, with Seoul rising 0.20%, an increase from last week’s 0.18%. Gyeonggi, Incheon, and new towns rose by 0.14% and 0.15%, respectively.

In Seoul’s jeonse market, the increases were in Gangseo (0.37%), Gangdong (0.35%), Gangbuk (0.31%), Nowon (0.31%), Songpa (0.31%), Gwangjin (0.25%), and Geumcheon (0.25%). In Gangseo, Yeomchang-dong Hangang Donga Complex 2, Donga Complex 1, Gayang-dong Gangseo Hangang Xi, and Hwagok-dong Ujangsan I-Park e-Pyeonhan Sesang rose by 10 million to 50 million KRW. In Gangdong, Godeok-dong Godeok Raemian Hillstate, Godeok Gracium, Amsa-dong Lotte Castle First, and Amsa e-Pyeonhan Sesang increased by 5 million to 25 million KRW. In Gangbuk, Mia-dong Byuksan Live Park, Suyu-dong Suyu Raemian, and Byuksan rose by 5 million to 10 million KRW.

In new towns, Pyeongchon (0.27%), Dongtan (0.24%), Paju Unjeong (0.20%), Bundang (0.18%), Ilsan (0.17%), and Sanbon (0.11%) rose. In Pyeongchon, Bisan-dong Eunhasu Byuksan, Pyeongchon-dong Chowon Daewon, Eunhasu Cheonggu, and Hogye-dong Mugunghwa Taeyoung increased by 5 million to 35 million KRW. In Dongtan, Yeongcheon-dong Dongtan Park Prugio, Bansong-dong Sibendae Samsung Raemian, Cheonggye-dong Dongtan 2 New Town Central Prugio, and Jangji-dong Dongtan 2 Kumho Eoullim Lake rose by about 10 million KRW. In Paju Unjeong, Mokdong-dong Unjeong New Town Central Prugio, Wadong-dong Garam Village Complex 3 Dongmoon, and Yadong-dong Hanbit Village Complex 8 Humansia increased by about 5 million KRW.

In Gyeonggi and Incheon, Hanam (0.23%), Gimpo (0.21%), Namyangju (0.21%), Guri (0.20%), Anyang (0.20%), Goyang (0.19%), Yongin (0.18%), Hwaseong (0.18%), and Gunpo (0.17%) rose. In Hanam, Sinjang-dong Daemyeong Riverside Town, Hanam Union City Eilin’s Garden, Deokpung-dong Hansol Richville Complex 1, and Hansol Sol Park increased by 10 million to 15 million KRW. In Gimpo, Bukbyeon-dong Youngpoong, Gamjeong-dong Hyosung, Pureun Village Shinan Silk Valley Complex 2, and Sau-dong Hyundai rose by 5 million to 10 million KRW. On the other hand, Gwacheon was the only district in Gyeonggi Province to fall, dropping 0.16%. With 3,445 households scheduled to move in early next year, the market shifted to a decline.

Although the autumn moving season has ended, the shortage of jeonse listings continues, and apartment jeonse prices in the metropolitan area are on a public march. Due to the shortage of jeonse listings, cases of conversion to sales continue in areas with many mid-to-low priced apartments. As the jeonse crisis continues, the government finally announced the 11·19 Jeonse Measures. The main point of the measures is to supply public rental housing as quickly as possible. Lim Byung-cheol, senior researcher at Real Estate 114, said, "It is timely to focus on supplying jeonse-type housing in a situation where jeonse listings are scarce," but added, "If the regions and housing types desired by jeonse demand are not adequately supplied, there may be limits to absorbing jeonse and monthly rent demand."

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