Nowon, Geumcheon, and Seongbuk Districts Also Turn to Decline... Seoul Apartment Prices Shake

Korea Real Estate Board January Second Week Apartment Price Trends
Nowon-gu, Seongbuk-gu Turn to Decline... Seoul Also Pauses
Gyeonggi-do Jeonse Prices Fall... Negative in Uiwang and Others

Apartment view in Seoul Photo by Yonhap News

As apartment buying sentiment continues to weaken, apartment prices in Seoul's Nowon-gu and Seongbuk-gu have turned downward this week. With an increase in urgent sale listings, even the previously unyielding asking prices are gradually falling. In the jeonse market, the continued rise in listings has led to a slight decline in jeonse prices in Gyeonggi-do this week, indicating a stabilization trend.

According to the weekly apartment price trends announced by the Korea Real Estate Board on the 13th, as of the 10th, apartment prices in Seoul rose by 0.03%, narrowing the increase compared to the previous week (0.02%). The Real Estate Board explained, "With continued weakening of buying sentiment and transaction activity, transactions are mainly occurring through urgent sales, and concerns over additional interest rate hikes have emerged, leading to a reduction in the rate of increase for five consecutive weeks."

In Seoul, asking prices fell and urgent sale listings appeared, causing prices to decline in Seongbuk-gu (-0.01%), Nowon-gu (-0.01%), Eunpyeong-gu (-0.01%), and Geumcheon-gu (-0.01%), while Mapo-gu, Gangbuk-gu, and Dobong-gu remained flat.

Seocho-gu (0.04%) saw price increases mainly in some reconstruction projects with expectations of progress, and Gangnam-gu (0.03%) experienced rises primarily in relatively undervalued medium to large-sized apartments. However, overall buying demand weakened, causing the total increase rate in the Gangnam 4 districts to slow from 0.04% to 0.03%.

In Incheon, the apartment price increase rate narrowed from 0.07% to 0.06% as five out of eight districts saw reduced growth. Gyeonggi-do rose by 0.02%, the same as last week. With expectations of improved transportation conditions such as railway network expansion, areas like Anseong (0.22%) and Pyeongtaek (0.14%) continued their upward trend. However, Siheung (-0.07%) and Hanam (-0.02%) maintained a downward trend, and Uiwang (-0.02%) turned downward this week.

Sejong also saw apartment prices fall by 0.28% this week due to continued inventory buildup and weakened transaction activity.

Apartment view in Seoul Photo by Yonhap News

Apartment jeonse prices are also showing signs of slowing growth.

In Seoul, jeonse prices rose slightly mainly in major station-area complexes with good living conditions, but overall listings are accumulating. Notably, Nowon-gu saw jeonse prices fall by 0.02% this week, turning downward. Seongbuk-gu (-0.01%) and Geumcheon-gu (-0.01%) continued their decline as jeonse inquiries decreased, and Dongjak-gu shifted to a flat trend after declines mainly in high-priced complexes in Sangdo-dong.

However, the Gangnam 3 districts?Gangnam-gu (0.05%), Songpa-gu (0.03%), and Seocho-gu (0.02%)?showed similar rates of increase compared to last week.

In Incheon, jeonse prices rose by 0.02% this week, narrowing from 0.04% last week. Listings accumulated and asking prices fell in Yeonsu-gu (-0.03%) and Seo-gu (-0.06%). In Gyeonggi-do, prices rose by 0.01%, the same as last week, with Seongnam Bundang-gu turning flat, while Uiwang (-0.18%) and Paju (-0.03%) and Anyang Manan-gu (-0.01%) began to decline.

Daejeon continued its downward trend with jeonse prices falling by 0.04%, and Sejong's decline widened from 0.33% to 0.38%. The Real Estate Board explained, "In Sejong, the decline continues due to inventory buildup caused by decreased jeonse demand."

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