Seoul Apartment Prices Slow Rise for 5 Consecutive Weeks... Sejong and Daegu Continue Decline

Apartment buildings in downtown Seoul (Photo by Yonhap News)

[Asia Economy Reporter Ryu Taemin] As the real estate market slows down, the rate of increase in apartment prices in Seoul has decelerated for five consecutive weeks. With the significant rise in tax burdens reducing the momentum of price increases mainly in the metropolitan area, and the Bank of Korea raising the base interest rate once more, the sentiment supporting the peak price theory is strengthening.

According to the weekly apartment price trend announced by the Korea Real Estate Board on the 25th, Seoul apartment prices rose by 0.11% in the fourth week of November (as of the 22nd). This is a decrease of 0.02 percentage points (p) from the previous week's 0.13%. Thus, the rate of increase in Seoul apartment prices has shrunk for five consecutive weeks.

Among the 25 autonomous districts in Seoul, there was not a single district where the rate of increase grew. Except for four districts?Gangbuk, Yangcheon, Gangseo, and Gangdong?that had the same rate of increase as the previous week, the rate of increase decreased in the remaining 21 districts. Seocho District fell from 0.21% last week to 0.19%, and Seocho and Gangnam Districts each dropped by 0.02%p and 0.01%p, recording 0.17%.

The district with the largest decline was Dongdaemun, which fell from 0.05% to 0.02%, followed by Nowon District (0.12% → 0.09%) and Eunpyeong District (0.19% → 0.16%).

Nationwide, sales prices rose by 0.17% and jeonse (long-term lease) prices by 0.14%, with the rate of increase shrinking by 0.03%p and 0.01%p respectively compared to the previous week.

The upward trend also noticeably slowed in Gyeonggi and Incheon. Gyeonggi recorded 0.21%, down 0.03%p from the previous week. In Incheon, it recorded 0.25%, down 0.04%p from the previous week.

In the provinces, apartment prices in the five major metropolitan cities?Busan, Daegu, Daejeon, Gwangju, and Ulsan?recorded 0.12%, down 0.03 percentage points from the previous week. Sejong fell by 0.21%, increasing the decline compared to -0.12% the previous week.

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