Last Month's Nationwide and Seoul Metropolitan Area Housing Price Increase Hits Highest Level in 14 Years and 9 Months

September Transaction Prices Nationwide Up 1.52%, Seoul Metropolitan Area Up 1.89%
Largest Increase Since December 2006
Continued Expectations of House Price Rise... Highest in Chungbuk Region

[Image source=Yonhap News]

[Asia Economy Reporter Minji Lee] Last month, the rate of increase in housing prices expanded, reaching the highest level in 14 years and 9 months.

According to KB Kookmin Bank, a private market survey institution, on the 4th, the sale prices of houses (including apartments, row houses, multi-family houses, and detached houses) nationwide rose by 1.52%, and in the metropolitan area by 1.89% last month. This is the largest increase since December 2006 (nationwide 1.86%, metropolitan area 3.21%).

In the case of Seoul housing prices, they rose by 1.52% last month, marking the highest monthly increase in 10 months since November last year (1.66%). By region, the rise was relatively high in areas with many mid-to-low priced houses in Seoul, such as Gangbuk-gu (3.88%), Dobong-gu (2.58%), Nowon-gu (2.48%), Gangseo-gu (1.96%), Seongbuk-gu (1.91%), and Eunpyeong-gu (1.81%).

Following that, housing prices in Gyeonggi (2.02%) and Incheon (2.51%) also rose by more than 2% in September. By region, Gyeonggi showed a notable upward trend in Siheung-si (3.28%), Gunpo-si (3.17%), Anyang-si Dongan-gu (2.95%), Pyeongtaek-si (2.94%), and Hwaseong-si (2.93%).

Nationwide, the jeonse prices of houses increased by 0.96% last month. In the metropolitan area, jeonse prices rose by 0.99% in Seoul, 1.19% in Gyeonggi, and 1.31% in Incheon.

The expectation that housing prices will rise further remained high. Seoul's sale price outlook index was 123, slightly lower than last month (125), but still above 100, maintaining expectations of an increase. In particular, Chungbuk recorded an outlook index of 139, the highest among the 17 cities and provinces nationwide.

The price outlook index is surveyed among 4,000 real estate agencies nationwide regarding the expected rise or fall of housing prices in the respective areas. A value exceeding 100 indicates a higher proportion of expected price increases, while below 100 indicates a higher proportion of expected decreases.

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