Mapo Also Declines... Apartment Price Growth Rate Turns Negative for the First Time in 2 Years and 9 Months

Apartment complex in Seoul area (Photo by Yonhap News)

[Asia Economy Reporter Ryu Tae-min] The apartment sale price growth rate in Mapo-gu, one of the ‘Ma-Yong-Seong (Mapo, Yongsan, Seongdong)’ areas that have driven Seoul's housing price increase since last year, has turned to a decline. This is the first time in about 2 years and 9 months that Mapo-gu has recorded a decrease. This is attributed to the recent cooling of the real estate market ahead of the elections, which has dampened buyer sentiment.

According to the weekly KB Housing Market Trends released by KB Real Estate on the 8th, as of the 3rd, the apartment price growth rate in Mapo-gu recorded -0.01%, turning to a decline from the previous week (0.06%). This is the first time since April 2019, about 2 years and 9 months ago, that apartment prices in Mapo-gu have fallen. In the weekly apartment price trends by the Korea Real Estate Board, Mapo-gu's growth rate also slowed from 0.02% last week to 0.01% this week (as of the 3rd), approaching stability.

In fact, declining transactions are also occurring consecutively. According to the Ministry of Land, Infrastructure and Transport's real transaction price disclosure system, an 84.9㎡ (exclusive area) apartment in Sinchon Gran Xi Complex 1, Daehyeong-dong, Mapo-gu, Seoul, changed hands for 1.99 billion KRW on December 5 last year. This is 30 million KRW lower than the highest price of 2.02 billion KRW recorded in October last year. A 58㎡ apartment in Yeomni-dong Sangnok was sold for 900 million KRW on December 13 last year, 90 million KRW lower than the previous record price of 990 million KRW (November).

Meanwhile, the apartment price growth rate in Seoul this week also decreased to 0.05% from 0.07% last week. This is the lowest in 8 months since May 2020. Seoul apartment prices have seen a slowdown in growth for 10 consecutive weeks since October 11 last year (0.17%). Gwanak-gu (0.00%) remained stable following last week, and Geumcheon-gu also stopped its upward trend and shifted to stability. Among the 25 autonomous districts in Seoul, 15 saw a decrease in apartment price growth compared to the previous week.

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