Unusual Housing Prices... Stable in Seoul Gwanak-gu, Decline in Hwaseong and Dongducheon, Sharp Drop in Sejong

Korea Real Estate Board December Second Week Apartment Price Trends
Seoul Gwanak-gu Stops Rising After 1 Year 7 Months
Gyeonggi-do Dongducheon and Hwaseong Start Negative This Week
Sejong Apartment Prices Fall for 21 Consecutive Weeks... Nationwide Freeze

The number of districts in Seoul where the average apartment sale price exceeds 50 million KRW per 3.3㎡ has more than doubled in one year. As of November last year, only Gangnam-gu, Seocho-gu, and Songpa-gu among the 25 districts in Seoul had average apartment sale prices exceeding 50 million KRW per 3.3㎡, but last month, Yongsan-gu, Seongdong-gu, Mapo-gu, and Gwangjin-gu were added, making a total of seven districts. The photo shows the view of Seoul apartments from 63 Square. Photo by Hyunmin Kim kimhyun81@

The apartment price increase rate in the Seoul metropolitan area, including Seoul, has narrowed for 10 consecutive weeks. Gwanak-gu in Seoul shifted to a stable price after 1 year and 7 months, and house prices in Dongducheon and Hwaseong cities in Gyeonggi-do have started to decline. Sejong City continued its negative streak for the 21st consecutive week, further widening the decline this week.

According to the weekly apartment price trend for the second week of December announced by the Korea Real Estate Board on the 16th, as of the 13th, apartment prices in the metropolitan area rose by 0.10%, a slowdown compared to the previous week (0.14%). The metropolitan area has seen a narrowing of the increase rate for 10 consecutive weeks since the first week of October when it rose by 0.34%.

In Seoul (0.10%→0.07%), the increase rate narrowed in 22 out of 25 districts this week. In particular, Gwanak-gu shifted to a stable price as buying demand decreased and listings accumulated. This is the first time in about 1 year and 7 months. The Real Estate Board explained, "The overall increase rate in Seoul has significantly narrowed."

Nowon-gu, which had been experiencing a sharp rise due to expectations of easing reconstruction regulations, saw some buying demand in Junggye-dong, where there is school district demand, but the overall increase rate dropped significantly to 0.05% this week. Mapo-gu (0.05%) also saw a narrowing of the increase rate as buying sentiment weakened and transactions sharply decreased.

In high-priced complex-dense areas such as Seocho-gu (0.14%) and Gangnam-gu (0.12%), apartment prices rose mainly in reconstruction complexes or medium-to-large units with redevelopment project expectations, but the increase rate also narrowed. Songpa-gu (0.07%) and Gangdong-gu (0.10%) showed similar trends.

In Incheon (0.17%→0.13%), the increase rate narrowed in 7 out of 8 districts. Gyeyang-gu (0.20%) and Jung-gu (0.19%) had relatively high increase rates, but compared to the previously sustained high increase rates, buying demand has significantly weakened.

In Gyeonggi-do (0.15%→0.11%), the increase rate narrowed in 38 out of 45 cities, counties, and districts. In particular, Dongducheon (-0.03%) and Hwaseong-si (-0.02%) turned to a decline this week. This is interpreted as house prices gradually falling due to the accumulation of urgent sale listings. In Gyeonggi-do, the increase rates were relatively high in Icheon-si (0.46%), Anseong-si (0.32%), and Pyeongtaek-si (0.27%).

Sejong saw apartment prices fall by 0.47% this week, widening the decline compared to the previous week (-0.33%). Sejong recorded the largest decline in about 7 years and 4 months last week, and prices fell even more within a week. This marks the 21st consecutive week of decline since the third week of July.

The number of autonomous districts in Seoul where the average apartment sale price exceeds 50 million KRW per 3.3㎡ has more than doubled in one year. As of November last year, only Gangnam-gu, Seocho-gu, and Songpa-gu among the 25 autonomous districts in Seoul had average apartment sale prices exceeding 50 million KRW per 3.3㎡, but last month Yongsan-gu, Seongdong-gu, Mapo-gu, and Gwangjin-gu were added, making a total of seven districts. The photo shows the view of Seoul apartments from 63 Square. Photo by Kim Hyun-min kimhyun81@

The jeonse market shows a similar pattern. Seoul apartment jeonse prices rose by 0.08% this week, narrowing the increase compared to the previous week (0.10%). The increase rate narrowed in 22 out of 25 districts. This is due to the burden of high jeonse prices and the exercise of the right to request contract renewal, which reduced jeonse demand. In Seocho-gu (0.11%) and Gangnam-gu (0.10%), jeonse demand continued mainly in areas with school district demand such as Yeoksam and Daechi-dong.

In Incheon (0.17%→0.11%) and Gyeonggi-do (0.11%→0.09%), the jeonse price increase rate also slowed. In particular, in Gyeonggi-do, the increase rate narrowed in 31 out of 45 cities, counties, and districts, with Uijeongbu (-0.03%) and Yeongtong-gu in Suwon (-0.03%) turning to a decline this week. Anseong-si (0.41%) and Icheon-si (0.40%) showed relatively strong increases.

In Sejong, the jeonse price decline widened from -0.29% to -0.33% within a week. The Real Estate Board explained, "In Sejong, due to the impact of move-in volume, most complexes showed a declining trend, and the decline widened."

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