Seoul Apartment Prices Rise at Highest Rate in 35 Months... 수도권 Also Hits Highest Weekly Increase for 6 Consecutive Weeks

The view of the apartment complex from Namsan, Seoul on that day. (Photo by Yonhap News)

[Asia Economy Reporter Ryu Tae-min] Despite the government's warning about the peak of housing prices, apartment prices in Seoul and the metropolitan area recorded the highest increase rate for six consecutive weeks. Seoul recorded the highest increase rate in 35 months.

According to the Korea Real Estate Board on the 28th, the apartment sales price increase rate in the metropolitan area for the fourth week of August (as of the 23rd) remained at 0.40%, the same level as last week. This is the highest figure since the Real Estate Board began compiling weekly statistics in May 2012. Apartment prices in the metropolitan area have maintained the highest increase rate for six consecutive weeks starting from mid-last month (0.32%) (0.36%→0.36%→0.37%→0.39%→0.40%→0.40%).

Seoul recorded 0.22% this week following 0.21% last week, marking the highest increase rate in 2 years and 11 months since the third week of September 2018 (0.26%). By region, Nowon-gu rose 0.39%, recording the highest increase rate in Seoul for 21 consecutive weeks. Dobong-gu (0.29%), Gangnam and Gangseo-gu (0.28%), Songpa-gu (0.27%), Gwanak-gu (0.26%), Seocho and Yongsan-gu (0.23%), and Mapo-gu (0.22%) followed.

Gyeonggi Province rose 0.50% following last week, continuing the record for the highest increase rate for two consecutive weeks. Since mid-last month, Gyeonggi has seen an expanding increase rate for six consecutive weeks (0.40%→0.44%→0.45%→0.47%→0.49%→0.50%→0.50%). Incheon also maintained its upward trend, rising 0.41% as in the previous week. By region, Osan-si (0.83%), Uiwang and Siheung-si (0.69%), Pyeongtaek-si (0.68%), and Gunpo-si (0.66%) rose in order.

Incheon also showed an upward trend, rising 0.41% as in the previous week. The five major metropolitan cities excluding Incheon (0.20%→0.19%) and eight provinces excluding Gyeonggi (0.22%→0.21%) saw a slowdown in the rate of increase compared to the previous week. Sejong (-0.02%) declined for five consecutive weeks.

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