Seoul Apartment Prices Fall for 3 Consecutive Weeks... Incheon and Gyeonggi See Slight Decrease in Decline Rate

Apartment complex in Seoul area (Photo by Yonhap News)

[Asia Economy Reporter Ryu Tae-min] Due to interest rate hikes and accumulated fatigue over housing prices, apartment prices in Seoul fell by 0.01% for the third consecutive week. In Incheon and Gyeonggi Province, the rate of decline narrowed, but there were significant differences by region. The jeonse prices in the Seoul metropolitan area, including Seoul, also continued to decline as in the previous week.

According to the weekly apartment price trend for the first week of February announced by the Korea Real Estate Agency on the 10th, as of the 7th, apartment sale prices in Seoul fell by 0.01%. This marks a decline for three consecutive weeks, recording -0.01% each week.

In Seoul, 19 out of 25 autonomous districts recorded declines. Seongbuk-gu (-0.05%) and Eunpyeong-gu (-0.04%) saw larger drops. Among the Gangnam 3 districts, which had shown high increases, Songpa-gu turned to a decline of -0.02%, while Gangnam-gu and Seocho-gu both remained flat at 0.00%.

Incheon (-0.04%→-0.02%) and Gyeonggi Province (-0.03%→-0.02%) both saw their rates of decline narrow. In Incheon, all 8 districts recorded declines. In Gyeonggi Province, Hwaseong, which had previously shown a high rate of increase, saw a larger decline of -0.11%, while Gwangmyeong (0.00%) and Ansan (0.00%) shifted from decline back to flat.

Sejong's apartment prices fell by 0.10% this week, narrowing the decline compared to the previous week (-0.13%).

Seoul area real estate agency office exterior (Photo by Yonhap News)

The apartment jeonse market also maintained a decline in the Seoul metropolitan area (-0.02%) and Seoul (-0.02%) this week, the same as the previous week. In Seoul, due to the Lunar New Year holiday, transactions were generally quiet, and with rising interest rates on loans from commercial banks and the impact of renewal contracts, demand decreased and listings accumulated, continuing the decline for two consecutive weeks.

In other metropolitan areas, Incheon recorded -0.07%, a larger decline than the previous week (-0.04%). Michuhol-gu (0.00%) showed mixed trends depending on the area and complex, shifting to flat. Seo-gu (-0.19%) saw accumulation of listings mainly in Cheongna, Gajeong, and Dangha-dong, affected by new housing supply; Yeonsu-gu (-0.14%) saw accumulation mainly in Songdo-dong, where prices are burdensome; and Dong-gu (-0.04%) declined mainly in low-priced complexes such as Hwasu-dong.

Gyeonggi Province recorded -0.01%, a narrower decline than the previous week (-0.02%). Icheon-si (0.21%) rose mainly in Daewol-myeon and Bubal-eup, which are close to workplaces. Due to accumulated listings and the burden of interest rate hikes, Suji-gu in Yongin (-0.04%) declined mainly in mid- to low-priced areas such as Pungdeokcheon and Dongcheon-dong; Sangnok-gu in Ansan (-0.03%) declined mainly in small units in Bono and Seongpo-dong; and Jangan-gu in Suwon (-0.02%) declined mainly in older complexes in Pajang-dong. As transaction sentiment weakened, the overall Gyeonggi area continued its decline for the third consecutive week.

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