Seoul Metropolitan Area Housing Prices Rise 1.88% in August "Highest in 14 Years and 8 Months"

KB Live Real Estate Announcement... Nationwide Increase Rate 1.50%
Seoul Sales Outlook Index 123→125 "Greater Expectation for House Price Increase"

[Asia Economy Reporter Jo Gang-wook] Housing prices in the Seoul metropolitan area rose by 1.88% in August, marking the highest monthly increase in 14 years and 8 months. Jeonse prices also increased, mainly in the metropolitan area, with the nationwide rise becoming more pronounced.

According to the monthly KB Housing Market Trend data released by KB Live Real Estate on the 29th, housing sale prices in the metropolitan area rose by 1.88% in August, a larger increase compared to the previous month (1.46%). This is the highest increase since December 2006 (3.21%), 14 years and 8 months ago.

Seoul saw a 1.19% increase, expanding from last month’s 1.01%, while Gyeonggi (1.70%→2.24%) and Incheon (1.95%→2.59%) both significantly widened their growth rates. Gyeonggi experienced the largest increase since March this year, and Incheon since December 2006.

In Seoul, outer areas with many mid- to low-priced houses such as Dobong-gu (2.09%), Gangseo-gu (1.83%), Nowon-gu (1.75%), and Eunpyeong-gu (1.73%) led the rise in housing prices.

In Gyeonggi, increases were centered around Gunpo (3.68%), Danwon-gu in Ansan (3.59%), Jangan-gu in Suwon (3.45%), Sangnok-gu in Ansan (3.29%), and Dongan-gu in Anyang (3.22%).

Nationwide, the upward trend in housing prices continued. Nationwide housing sale prices rose by 1.50% over the month, a larger increase than the previous month (1.17%). Similar to the metropolitan area, this is the highest monthly increase in 14 years and 8 months since December 2006 (1.86%).

Excluding Incheon, the five major metropolitan cities also saw an increase in growth rate from 0.93% last month to 1.14%. The order of highest increases was Daejeon (1.79%), Busan (1.43%), Ulsan (1.02%), Gwangju (0.99%), and Daegu (0.43%).

Jeonse prices also continued to rise.

Nationwide housing Jeonse prices rose by 1.03%, marking the largest increase since December last year (1.10%) and the first time this year to record a growth rate above 1%.

Seoul (0.92%→0.95%) saw only a slight increase compared to the previous month, but Gyeonggi (1.07%→1.44%) and Incheon (1.24%→1.52%) significantly expanded their growth rates, resulting in an overall increase in the metropolitan area (1.03%→1.25%).

In the provinces, all metropolitan cities including Daejeon (1.08%), Ulsan (0.87%), Busan (0.85%), Daegu (0.72%), and Gwangju (0.48%) saw increases, and most provincial areas also expanded their growth rates.

The housing sale price outlook index for Seoul, surveyed by KB from about 4,000 brokerage offices, rose to 125 from 123 the previous month. This index indicates a higher proportion of respondents expecting housing prices to rise if it exceeds 100, and the opposite if below 100.

KB Live Real Estate analyzed, "Expectations that Seoul housing prices will continue to rise have increased."

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