'Daejeon, Hanam, Uijeongbu' Apartment Prices Turn Down... Seoul Gangnam Area Also Stalls

Korea Real Estate Board Apartment Price Trends for the First Week of January
House Prices Begin to Fall in Various Areas Including Daejeon and Hanam, Gyeonggi-do
Six Seoul Districts Stable... Gangnam Area Also Sees Declining Transactions

View of Seoul apartments from 63 Square in Yeouido, Seoul [Image source=Yonhap News]

Apartment prices in Daejeon and Gyeonggi-do's Hanam and Uijeongbu have turned downward this week. In Seoul, the decline continued in Gangbuk-gu, Dobong-gu, and Eunpyeong-gu, and in the Gangnam area, the rise narrowed as transactions at lower prices continued.

According to the weekly apartment price trend for the first week of January announced by the Korea Real Estate Board on the 6th, as of the 3rd, apartment prices in the metropolitan area rose by 0.03%, narrowing from the previous week's 0.04%. The increase in provincial areas also slowed from 0.05% to 0.03%, causing the nationwide growth rate to drop from 0.05% to 0.03%.

In Seoul (0.04%→0.03%), apartment prices fell in Gangbuk (-0.01%), Dobong (-0.01%), and Eunpyeong-gu (-0.01%), while Dongdaemun, Seongdong, Gwangjin, and Seongbuk-gu shifted to a flat trend. Geumcheon-gu has maintained a flat trend for three consecutive weeks, and Gwanak-gu for four consecutive weeks.

The Korea Real Estate Board analyzed, "With continued weakening of buyer sentiment and transaction activity, transactions are occurring intermittently mainly for urgent sales," adding, "Even in the Gangnam area, where asking prices were maintained, the rise narrowed as actual transaction prices declined."

In fact, Seocho-gu (0.07%) saw price increases mainly in older large complexes, and Gangnam-gu (0.05%) experienced price rises centered around Seoul's rapid integrated planning candidate sites, but the growth rate decreased.

In Incheon (0.09%→0.07%), Gyeyang-gu (0.17%), Michuhol-gu (0.11%), and Bupyeong-gu (0.10%) rose mainly in areas with good transportation and mid-to-low price complexes, but overall, a wait-and-see attitude persisted, reducing the increase compared to last week.

In Gyeonggi-do, among a total of 45 cities, counties, and districts, 25 saw a decrease in growth rate, lowering the overall increase from 0.04% to 0.02%. Suwon's Paldal-gu and Goyang's Ilsanseo-gu shifted to a flat trend, while Uijeongbu (-0.02%) and Hanam-si (-0.07%) turned downward. This is interpreted as an effect of increased transactions of urgent sales at reduced prices.

Daejeon also began to see a decline in housing prices this week at -0.06%. Dong-gu (0.06%) rose mainly in small-to-medium complexes in Yongun and Yongjeon-dong, but Seo-gu (-0.16%) and Yuseong-gu (-0.05%) saw larger declines. Sejong also fell by 0.41% this week due to continued inventory buildup and weakened buyer sentiment.

View of Seoul apartments from 63 Square. Photo by Hyunmin Kim kimhyun81@

Jeonse prices also saw a reduction in the rate of increase in most regions nationwide.

Seoul's apartment jeonse prices rose by 0.02% this week, slowing from 0.04% last week. Eunpyeong and Seodaemun-gu shifted to flat, and Geumcheon-gu (-0.01%) turned downward as listings accumulated in large complexes in Siheung-dong. Seongbuk-gu (-0.01%) declined mainly in older complexes in Gireum-dong, and the Gangnam 4 districts (Gangnam, Seocho, Songpa, Gangdong-gu) also saw a reduced rate of increase.

In Gyeonggi-do, the jeonse price increase rate shrank from 0.03% last week to 0.01% this week. Hanam-si (-0.07%) declined mainly in Hakam and Gami-dong, and Seongnam-si (-0.01%) turned downward due to the influence of nearby upcoming housing supply such as Hoban Summit Songpa. Yangju-si shifted to flat after declining mainly in Deokgye-dong.

Daejeon (-0.05%) continues to see a downward trend due to new housing supply, and Sejong also saw a 0.33% drop in jeonse prices due to expanded new housing supply and inventory buildup.

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